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Home arrow Articles by Topic arrow LandCo arrow Landco rejig spells trouble for financiers
Landco rejig spells trouble for financiers PDF Print E-mail
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Articles - LandCo
Written by Duncan Bridgeman & NBR Staff, National Business Review   
Friday, 04 July 2008

Lenders to property development giant Landco could be left high and dry as the company looks to shed assets in a depressed market.

St Laurence, which froze repayments to debenture holders last week, and Australian company Fortress Credit Corporation, regarded on these shores as a "lender of last resort," are among the long list of financiers to provide Landco with cash.

Another development, on the Ngunguru sandspit, is the subject of negotiation with the Department of Conservation because of local concerns about the proposed project.

Landco put its assets on the block last November but has still not been able to find a buyer. At the time the holdings were said to be worth $1 billion, but the property market slump has hit the value of the portfolio as well as made potential buyers much harder to find.

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