29 Aug 2009

SC Finance announces loss

1:36 pm on 29 August 2009

Finance company South Canterbury Finance lost $68 million dollars in the year to June, following a rise in bad debts.

The listed firm has written down more than $71 million due to bad debt.

South Canterbury Finance says there will be a capital restructuring of the group, on which a further announcement will be made next month, and it is in the process of finalising the appointment of new directors.

Earlier this month rating agency Standard and Poor's lowered South Canterbury Finance Group's credit rating to BB+.