MEDIA RELEASE 14 APR 11 – Receivers announce commencement of SCF core lending business sale process

MEDIA RELEASE

14 April 2011

SOUTH CANTERBURY FINANCE LIMITED (“SCF”) AND ITS CHARGING SUBSIDIARIES (the “SCF Group”)

RECEIVERS ANNOUNCE COMMENCEMENT OF SCF CORE LENDING BUSINESS SALE PROCESS

Kerryn Downey and William Black of McGrathNicol, as receivers of the SCF Group, have commenced a process for the potential sale of SCF's consumer, business and rural lending divisions, and subsidiary Southbury Insurance, as a further step in realising the assets of the SCF Group. 

Together they comprise the balance of SCF’s “good bank” business, following the sale process which was commenced for FACE Finance earlier in the year.

This sale process will be conducted by Deutsche Bank AG, as sale advisor for SCF’s core finance business. 

Mr Downey and Mr Black said they expected this process could conclude by mid 2011.

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

Enquiries to Deutsche Bank should be directed to:

David Gibson

Managing Director

Deutsche Bank AG, New Zealand branch

Tel: +64 9 351-1523

Email: david.gibson@db.com

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 30 partners. McGrathNicol New Zealand was the receiver for Feltex and managed the high-profile HIH Insurance liquidation.