Cash for South Canterbury

South Canterbury Finance has received another equity injection from Allan Hubbard's Southbury Corporation.

Southbury is pumping $22 million in cash into the finance company after issuing an equivalent value in secured convertible notes to George Kerr's Torchlight Fund No 1.

The fund also has the option to increase notes value to $37.5 million by April 30.

In February Hubbard injected $152.5 million of new equity into South Canterbury by transferring stakes in Helicopters NZ and Scales Corporation to the company.

The finance company is hoping to be included in the Government's extended deposit guarantee scheme.