24 Sep 2010

$350 million payment to SCF bondholders

6:06 am on 24 September 2010

The trustee of South Canterbury Finance has repaid about $350 million to bondholders.

The failed company was part of the Government's retail deposit guarantee scheme when it went into receivership on 31 August, meaning investors will get their $1.6 billion back.

The $350 million payment includes the principal and interest.

An announcement on when debenture and deposit holders will be repaid is expected next week.