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Geneva Finance's bankers re-affirm NZ$35 mln banking facility
Geneva Finance, the consumer finance company currently operating in moratorium, said Bank of Scotland (BOS) had re-affirmed Geneva's NZ$35 million banking facility through to April 30, 2011.
Geneva has just paid its third installment to investors as part of its repayment plan, taking the total paid to NZ$54.6 million. When it failed in October 2007, Geneva had investors' deposits of NZ$138 million. About 85% of debenture holders' deposits are expected to be returned, with the remaining 15% being converted into Geneva shares.
"Confirmation of the facility by BOS is pleasing and is reflective of the tremendous amount of hard work put in by the entire team at Geneva during what has proven to be very challenging economic times," Geneva spokesman Kruger Venter said.
See our Deep Freeze List of failed finance companies in New Zealand.
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