90 at 9: MAF in talks with Crafar bankers to extricate Crafars; SCF misses deadline; IMF's double dip warning (Update 1)

Click here for this morning's video. (Update 1 includes release of South Canterbury Finance annual report.) Bernard Hickey details the key news overnight in 90 seconds at 9am in association, including news that Government officials are now in discussions with the banks behind Crafar Farms to extricate Allan Crafar and his family from the management of their 22 farms, senior sources have told me.This may involve some sort of managed receivership where the banks, Westpac, Rabobank and PGG Wrightson, work with MAF and Fonterra to put in new managers to run the farms through until their sale. This will have to be done carefully to avoid Crafar's already disillusioned staff from walking and turning a bad animal welfare situation into a disaster, my sources tell me, adding there are also legal complications over ownership. Meanwhile, South Canterbury Finance (SCF) has missed its self imposed deadline of the end of September to file audited accounts, but is expected to release them this morning. The Timaru Herald reported that SCF said it was not in talks for a rescue from Pyne Gould Corp. Update 1: South Canterbury Finance has released its annual report to the NZX. It can be viewed here. Fisher and Paykel Appliances is in talks with bankers again after missing forecasts and faces 3 months of intense scrutiny, the NZ Herald reported. Meanwhile, the IMF has warned of a double dip recession for the global economy because banks are continuing to contract lending and are still expected to have to report a further US$1.5 trillion of losses.