The first of the assets held by failed South Island lender South Canterbury Finance has been sold.
Helicopters New Zealand (HNZ) has been sold to Canadian Helicopters for $160 million.
The business was one of a number of assets that Alan Hubbard shifted into South Canterbury Finance to help bolster the lender's financial position, before it was placed in receivership in August last year, costing the Government $1.8 billion.
HNZ made gross earnings of $28 million in 2010, employs 181 people and has 33 helicopters worth about $137 million.
The company has a strong presence in the energy sector, ferrying people to oil rigs in Australasia.
Canadian Helicopters says the purchase will expand its presence into the Asia Pacific region. The deal will be funded by a mixture of cash and debt.
One of the receivers at McGrath Nicol, Kerryn Downey, says Canadian Helicopters' bid topped all other offers.
Mr Downey says he doesn't know just yet how much the Government will receive from the sale.
He's currently working through legally binding bids for the sale of the 80% stake in apple grower Scales, while interested parties are conducting due diligence on Dairy Holdings operations.
Last week, the Government flagged that South Canterbury Finance will leave the taxpayer $1.1 billion out of pocket.
