28 Jul 2010

Strategic Finance loan book now expected to sell for less

7:13 am on 28 July 2010

The receiver of Strategic Finance now expects to get less than originally hoped for the failed finance company's loan book.

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

Receiver John Fisk at PricewaterhouseCoopers says several interested parties are going through due diligence to buy the loan book, but the sale price will be less than the $229 million price given in February.

Mr Fisk says he expects to make an announcement of the sale by the middle of next month.

Liquidators were also appointed to the company on Tuesday and Strategic's trustee, Perpetual Trust, says that may boost the chances of investors getting more money back.