South Canterbury needed up to $300 mill to survive: Maier
Chief executive Sandy Maier said the firm received bids in the range of between $100 million and $300 million that would've given it enough capital to survive, but hit sticking points on the detail of the proposals.
Though he wouldn't name the parties, he said the last three investors SCF was in talks with were South-East Asian/US trust, a consortium of local and offshore investors, and an international group with some investment history in New Zealand.
"It requires some bravery today to invest that amount of money, especially in a finance company," Maier said on a phone conference from Christchurch.
Their inability to strike a deal led to the financier calling in receivers Kerryn Downey and William Black of McGrathNicol, and triggered a $1.6 billion payment under the government's retail deposit guarantee.
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