MEDIA RELEASE 27 OCT 10 - Receivers appoint sale adviser for SCF

27 October 2010

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have appointed Deutsche Bank AG, New Zealand Branch as sale adviser for SCF’s core finance business.

The core finance business comprises the SCF branch network, subsidiaries such as FACE Finance and Southbury Insurance. The key products and services offered include hire purchase, floor plans, leasing of plant and equipment, vehicle and equipment, personal loans, business term loans and revolving credit facilities, mortgages over property and other financial instruments, including consumer loan insurance.

Kerryn Downey said that Deutsche Bank was appointed on the basis of a comprehensive selection process over the past few weeks. The receiver is confident that Deutsche Bank’s reputation and experience will maximise outcomes.

Mr Downey said that Deutsche Bank would be in contact with all those parties that expressed an interest in acquiring SCF’s finance business in the coming weeks, although a formal sale process was unlikely to commence until late first quarter 2011.

“South Canterbury’s size and complexity makes it imperative that we work closely with our advisors in determining the best sale strategy to deliver the optimal outcome for the Crown and other stakeholders,” he said.

Mr Downey reassured SCF’s customers that South Canterbury Finance remains open for business as usual and has resumed lending to its approved consumer and business customers.

Ends

Media Enquiries:

This release issued on behalf of McGrathNicol by:

Kate Alexander
Alexander Communications
12a McColl Street
Newmarket
Auckland, New Zealand

Tel: +64 9 524 4957
Mob: +64 27 244 6094

kate@alexandercomms.co.nz

About McGrathNicol

McGrathNicol is an independent advisory firm specialising in corporate advisory, forensic, transaction services and corporate recovery. It is a market leader in Australia and New Zealand, with more than 300 people across the region, including more than 31 partners. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.

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