From the Nipples Mouth:
Serepisos companies in receivership.
Frozen lender Equitable Mortgages have appointed receivers to 79 Manners Street and Maison Property Holdings, two companies owned by embattled Wellington developer Terry Serepisos.
John Fisk and Richard Longman of PriceWaterHouseCoopers were appointed receivers on May 19.
According to land records the companies own a number of Wellington apartments on Tory Street and Courtenay Place, as well as the Century City Tower at 175 Victoria Street.
175 Victoria Street is a 4110 square metre office building with a rateable value of $6 million. Equitable hold first mortgage over the property, with South Canterbury second-ranked.
According to the Companies Office, 79 Manners Street has secured debtors including Equitable, South Canterbury, ASB and ANZ.
ASB�s security includes assignment of leases, while South Canterbury has a cross-guarantee across Mr Serepisos� other companies Century City Holdings and Century City Ventures.
A spokeswoman for South Canterbury would not comment on whether the cross guarantee would be enforced as the status of individuals loans was confidential.
Maison Property Holdings has two secured creditors: First Mortgage Trust and Equitable.
Equitable Mortgages called in the receivers last November.
The government-guaranteed company, owned by the wealthy Spencer family, owed 6000 depositors approximately $192 million.
Equitable has been given credit for pulling the pin relatively early after realising it probably wouldn�t make it, thus giving the receivers more chance of recovering money for the Crown.
The company blamed asset deterioration, a lack of new loan business and a bleak outlook for debenture funding for its demise.
In their first report Grant Graham and Brendon Gibson of KordaMentha said Equitable had loans of $188.4 million to be recovered.
https://www.nbr.co.nz/article/equitable-call-receivers-serepisos-mn-p-94121
From the Nipples Mouth:
Serepisos companies in receivership.
Frozen lender Equitable Mortgages have appointed receivers to 79 Manners Street and Maison Property Holdings, two companies owned by embattled Wellington developer Terry Serepisos.
John Fisk and Richard Longman of PriceWaterHouseCoopers were appointed receivers on May 19.
According to land records the companies own a number of Wellington apartments on Tory Street and Courtenay Place, as well as the Century City Tower at 175 Victoria Street.
175 Victoria Street is a 4110 square metre office building with a rateable value of $6 million. Equitable hold first mortgage over the property, with South Canterbury second-ranked.
According to the Companies Office, 79 Manners Street has secured debtors including Equitable, South Canterbury, ASB and ANZ.
ASB�s security includes assignment of leases, while South Canterbury has a cross-guarantee across Mr Serepisos� other companies Century City Holdings and Century City Ventures.
A spokeswoman for South Canterbury would not comment on whether the cross guarantee would be enforced as the status of individuals loans was confidential.
Maison Property Holdings has two secured creditors: First Mortgage Trust and Equitable.
Equitable Mortgages called in the receivers last November.
The government-guaranteed company, owned by the wealthy Spencer family, owed 6000 depositors approximately $192 million.
Equitable has been given credit for pulling the pin relatively early after realising it probably wouldn�t make it, thus giving the receivers more chance of recovering money for the Crown.
The company blamed asset deterioration, a lack of new loan business and a bleak outlook for debenture funding for its demise.
In their first report Grant Graham and Brendon Gibson of KordaMentha said Equitable had loans of $188.4 million to be recovered.
http://www.nbr.co.nz/article/equitable-call-receivers-serepisos-mn-p-94121