10 Aug 2010

Strategic Finance sale process delayed

7:51 am on 10 August 2010

The receivers of Strategic Finance say they are continuing to talk with parties interested in buying the failed finance company's loan book, but the sale process has been delayed.

Strategic Finance was put into receivership in March, owing more than $392 million to about 11,000 investors.

A receiver, John Fisk, at PricewaterhouseCoopers, says an interim payment of between 1.5 and 2.5 cents will be made in early September.

Mr Fisk says, however, its very difficult to say how much, or when, the next payment to investors will be made.

He says a number of parties required valuations updated, so the sale process is taking longer than expected.

Strategic's property loan book consisted of 87 loans and was worth just over $229 million in February.