Isnt" Capitalised interest".... just another way of saying "Compounding interest"?
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"One good thing though ... capitalised interest is still due ... just hasn't been paid yet ... and they collect interest on the unpaid interest as well."
Yes, assuming that it becomes "collectible" at some stage!
Things are happening
http://www.nbr.co.nz/article/south-c...rectors-110946
Does seem a strange action not to do anything with all new money since August 21st (not alloting the money being the term used)
And Lachie as usual unavailable to clarify further - so no doubt more speculation from the uniformed press - watch this space
http://www.nzherald.co.nz/business/n...ectid=10597679
The Timaru Herald reported today about the wanaka developer.
6 firms associated with Oakridge resorts were put into receivership on Thursday (Nord Ltd,Oakridge resorts Ltd, Oakridge resorts Holdings Ltd,oakridge land holdings Ltd, oakridge pool and spa resort Ltd and northern link developments Ltd).
Developer Par Hallberg,the sole director of all 6 firms, said money owed to SCF related to unrealised plans for a 48 villa development on 25 hectares beside the resort. After paying for the land and resource consents ,arrangements with an australian buyer fell through." I have lost everything I own."
SCF now own the land,2 restaurants,conference centre, reception, gym,pool and Mr hallbergs own house.
173 rooms at the resort are not included, having been sold to small investers.
Financing the land acquisition and development had been a drain on the resort business.
The cash was being supplied from the operational costs to pay the interest.
SFC refered all questions to the receivers.
This is a brief and may be in more papers tomorrow.
Reads like another credit downgrade .... but could be just another beat up from the (uninformed) press
South Canterbury Finance put on negative credit watch, 'risks increasing'
http://www.nbr.co.nz/article/south-c...reasing-111368
Yep - put on negative credit watch - there is an announcement from the company
Just having trouble finalising the June accounts .... all will be OK next week
Who put in that cheeky bid for the SCFHA at $21
Looks like the auditors are unable to sign this off as a 'going concern' , without fresh capital , and plenty of it , this is toast! Expect further delays at very best. M