MEDIA RELEASE 6 SEP 10 - Receivers call for expressions of interest in SCF's assets

Potential purchasers of the assets of South Canterbury Finance Ltd (in receivership) and its charging subsidiaries (the SCF Group) are being urged to register their interest with the receivers.

Receivers Kerryn Downey and William Black, of advisory firm McGrathNicol, said that since their appointment on 31 August they have worked closely with SCF senior management and staff to evaluate the status of the companies that make up the SCF Group, and have made considerable progress in assessing and stabilising the Group’s operations.

“Over the past week, we have secured the support of senior management and staff, and we are now working with them, and with other stakeholders, to plan how we will support the continuing business operations of the Group, and to begin preparing the Group’s assets for a formal sale process,” the receivers said.

The receivers said they had already fielded a significant number of enquiries from prospective buyers, and are working with the Crown to compile a co-ordinated register of interest. More details regarding the sale process will be made available soon, but interested parties should contact the receivers directly.

The receivers said they also expected to update South Canterbury Finance customers this week on various matters affecting ongoing business operations, including funding arrangements.

Media enquiries:

Receivers

John Redwood, Kreab Gavin Anderson (jredwood@kreabgavinanderson.com 021 838 088)

Trustee

Simone Keogh, Busby Ramshaw Grice (simonek@brg.co.nz 021 366 060)

Ends

Download PDF format here.