Mystery still surrounds NZF's new equity partner

The company says it had expected two interested parties would have completed due diligence allowing it to announce a deal by April 29.

We are able to report that the due diligence process is still ongoing with both interested parties and that we will provide a further update once this process has been completed," NZF says. It hasn't provided any completion date this time.

NZF has been seeking new equity since early last year.

Early in March, international ratings agency Standard & Poor's has cut the company's finance subsidiary NZF Money's credit rating to "CCC," citing its weakened liquidity position and questioned its ongoing viability.