22 Jul 2011

NZF Money calling in receivers

7:01 pm on 22 July 2011

Troubled lender NZF Money has called for receivers to be appointed after the regulator stopped it raising money and Standard & Poor's cuts its junk status rating further.

NZF Money's board says it explored several short term funding solutions to avoid defaulting on its loans, but decided it wasn't in the best interests of the company or its investors.

The lender has has asked its trustee, Covenant Trustee, to appoint a receiver.