South Canterbury Finance's audited annual results shows it made a smaller loss than previously thought, but it admits breaching covenants on a banking facility.
The finance firm, controlled by Allan Hubbard, made a $50.4 million loss in the year to June, rather than the $69 million loss its unaudited statements indicated.
The change is mostly due to non-monetary fair value adjustments.
Standard and Poor's lowered the company's credit rating to BB+ in August, which entitled investors from a $US100 million private placement in 2008 to repayment after three months.
South Canterbury Finance says it has breached convenants relating to those notes, and noteholders have the right by majority vote to require repayment immediately.
The company says it is talking with investors, and will make an announcement once the matter has been resolved.