Cheers GTM much appricited
away fishing for 1 1/2 weeks--no phone, no power
absolut bliss!!
see every one next year.
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Cheers GTM much appricited
away fishing for 1 1/2 weeks--no phone, no power
absolut bliss!!
see every one next year.
This should be viewed as a positive move...
SCF appoints restructuring specialist
South Canterbury Finance has appointed corporate fix-it specialist Sandy Maier as chief executive to bring urgent change.
The first thing he will likely do is suspend interest payments on the SCFHAs to protect cashflow. He may also get real tough on the related parties and make more accurate impairment provisioning. Obviously he has consulted to the Board in the last few months and agreed to a 1 year contract as 'hachet man' to try and save the sinking ship. This can only be done by firm and urgent action obviously. Be interesting 6 weeks or so. M
Agree with you GTM_3442.
SCF very fragile right now: anything that might look like losing credit ratings, failing new prospectus, more nasty debts not getting interest or capital repaid, market rumours, ill-health as might be expected for the elderly, a whole raft of vulnerabilities lurking to capsize the waka.
They just have to keep the ship steady while debt is quickly reduced, & business(es) pulled back to "right-size".
If they can succeed as they seem to be doing in very recent times, they might well find the SCFHA & related investors are the very people most likely to stump up more cash, if confidence returns.
An Urgent Restructure is required. You cannot 'gloss over' the fact of massive losses and severely impaired cashflow due to capitalised loans having been 'rolled'.
Sandy does not have the 'lncentive' of previous Management and Board to deny the facts.
This will get alot worse before it gets better ...imo
M
True Misc., but the surest way to stop the money coming in is to stop the money going out.
Rather suspect we'll see asset sales, quarantine of impaired assets, that sort of carry-on.
Maybe Allied Farmers could be persuaded to stump up ?
This Sandy fella looks like he gets to the bottom of things pretty quick
Wouldn't want this sort of article to come out with the words South Canty replacing the word Radius would you .... but the story sort of has a familair feel to it
http://www.nbr.co.nz/article/sandy-m...perties-116459