Finance company Nathans Finance, which has raised $150 million from debenture investors, is being probed by its trustee over the implications of a complex deal in America by its owner, NZX-listed VTL Group. Nathans lends the bulk of its debenture money to VTL, a franchiser of vending machines and related systems.
Its most recent prospectus, for the year to June 2006, shows loans to VTL of $79.6m, all of which was due to be repaid by June 30 this year. The prospectus also notes that Nathans lends significant sums to VTL, and that VTL is “actively seeking to repay these loans by arranging loan facilities in the country of origin”.
“If VTL… is unable to repay this debt then… the company is likely to become insolvent itself.
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