SCF receivers sell major asset
The sale, the first major assets sale since SCF went into receivership in August last year, is subject to a number of conditions, including regulatory approvals, and is expected to be completed "in the coming months."
Goldman Sachs & Partners, who were appointed in October last year, advised the receivers, Kerryn Downey and William Black of McGrathNicol, on the sale.
SCF's owner, Allan Hubbard, whose affairs have been in statutory management since the middle of last year, sold Helicopters New Zealand and a majority stake in Scales Corp. to SCF in March last year for a nominal $162.5 million (all but $10 million was paid with new shares in SCF) as part of a rescue attempt.
The helicopter company, which has a fleet of 37 helicopters operating in New Zealand, Australia, South East Asia and Antarctica, earned $28 million before interest, tax, depreciation and amortisation in calendar 2010.
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