South Canterbury Finance receivers sell $100m in loans
South Canterbury Finance's (SCF) receivers have sold more than $100 million in commercial loan assets to GE Capital's New Zealand equipment finance business.
The loans were held by SCF subsidiary Face Finance which primarily focuses on 'big ticket' financing in the transport and infrastructure sectors and which operated on a largely stand-alone basis.
"The sale to GE Capital is a very pleasing outcome and represents a key milestone in the realisation of SCF's loan book assets," say receivers Kerryn Downey and William Black of McGrathNicol.
"We believe the acquisition by GE Capital will provide increased certainty for Face Finance's customers."
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