Timaru-based South Canterbury Finance (SCF), controlled by veteran South Island financier Allan Hubbard, has received no financial aid for meeting its capital requirements, as revealed by the finance company in its audited annual report for the year ended June 30, 2009.
The finance firm was degraded to BB+ by Standard and Poor's in its credit rating, indicating uncertainties about its future. Auditor Woodnorth Myers & Co said that US lenders may withdraw a NZ$153 million grant to the firm in the wake of its degraded performance.
Good News USA
- Vodafone NZ’s new ‘Red Home’ packages will offer UFB and 150 TV channels
- Vodafone NZ’s full-year profit plunged by more than two-thirds to $56 million
- Vodafone adding 34 European countries to ‘AU$5 per day’ international roaming option
- Telstra launches its new ‘Every Day Connect Data Share Packages’
- Voyager signs “multimillion-dollar deal” with submarine cable group Hawaiki