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SCF asks for recievership
South Canterbury Finance Limited announced today that it
has been unable to complete a recapitalisation and
restructure. As a result, the Company would have been unable
to certify to Trustees Executors Limited, in accordance with
the terms of its debenture trust deed with Trustees
Executors Limited, that it was compliant with various
financial covenants under the debenture trust deed for the
financial year ended 30 June 2010.
Accordingly, South Canterbury Finance Limited has requested Trustees Executors Limited to appoint a receiver in respect of the whole of its undertaking and assets, and Trustees Executors Limited has done so. A further announcement will be made by the Company in due course.
ENDS
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