Friday 18th July 2008 |
Text too small? |
"The poor quality lending, the deteriorating property market and lack of alternative credit" have hampered the ability of receivers to recover outstanding loans and assets, Thornton's Tim Downes and Richard Simpson said in a statement today.
The possible return is a fraction of the 14% to 59% recovery rate the receivers first estimated. Grant Thornton was appointed receiver last November by Fortress Credit Corp. Out of 55 loans with a book value of NZ$182.6 million, some NZ$42.8 has been realized, with NZ$13.4 million repaid to Fortress.
The receivers also said they are concerned about the appropriateness of some company transactions and would continue to probe these along with agencies such as the Securities Commission. Capital + Merchant was a lender mainly for property and property development.
No comments yet
Fletcher Building Announces Director Appointment
Meridian issues new demand response exercise notice to NZAS
CRP - Chatham Closes Private Placement of Shares
General Finance - Olympic Term Deposit Promotion featuring a Special Bonus of 0.1%
July 22nd Morning Report
VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report