MFS mfs limited

mfs pacific gets 10 million and mfs 10 million

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    An article from the SMH this morning...

    MFS Pacific Finance gets $10m from sale

    March 5, 2008 - 8:06AM

    Financially troubled MFS Pacific Finance is to receive around $A10 million in cash back from an inter-party related loan.

    Last month, MFS Pacific Finance, which has 12,000 investors, defaulted on some of its $NZ325 million ($A279 million) of debt.

    Australian company MFS, which owns 38.5 per cent of MFS Pacific Finance's parent MFS New Zealand, announced on Monday it had sold its investment in Gersh Investment Partners, and $A20 million would be paid to MFS and MFS Pacific Finance.

    MFS spokesman John Hurst said MFS Pacific Finance would get back roughly half of the $A20 million once the transaction was completed in mid-April, The New Zealand Herald reported.

    But Mr Hurst said it was still in talks about how much of the proceeds from the Stella tourism business sale would go to MFS Pacific Finance as part of an initial payment.

    Sale of the 65 per cent stake of Stella to CVC Asia Pacific was completed on Friday when the company received $A409.2 million.

    A week ago MFS Pacific Finance said it would not be in investors' interests to exercise a "put" option it had to require MFS to take over certain loans.

    Legal and financial advisers were trying to finalise a moratorium proposal, MFS Pacific Finance said at that time.
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