Little good news in latest Strategic Finance report
Receivers John Fisk and Colin McCloy of PricewaterhouseCoopers say in their latest report that a total of $89 million was recovered from borrowers in the six months but most went to those higher ranking lenders.
Sales settled or under contract during the six months from which proceeds were available to Strategic included all residential lots owned by Rakaia River Holdings, which is in receivership, residential apartments in Takapuna, two sections and a house in Queensland, Australia, seven apartments in Auckland and a resort in Rarotonga.
Another resort in Rarotonga is under contract and a third is being marketed for sale, as are a number of other properties including two development lots in Fiji.
The receivers say they are also seeking to maximise the value of collateral securities, including personal guarantees, which Stategic holds and have entered into settlements with six parties which provide for funds to be repaid over time.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)