Opportunity to purchase SCF assets

Photo / Sarah Ivey

Receivers for South Canterbury Finance are calling for expressions of interest from those wanting to purchase assets of the stricken company and its subsidiaries.

Kerryn Downey and William Black, of advisory firm McGrathNicol said they have made significant progress assessing the group's operations with the help of South Canterbury Finance management and staff.

"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 would be available soon, the receivers said.

South Canterbury Finance went into receivership last week with the Government stepping in to pay $1.6 billion to cover debenture holders' deposits covered by its retail deposit guarantee scheme.

- NZ HERALD ONLINE