UPDATE: RHG Defaults On A$324 Million Facility, Triggers Cross Default
21 12월 2009 - 10:50AM
Dow Jones News
RHG Ltd. (RGH.AU) said Monday that it has breached a loan
covenant on a A$324 million debt facility, triggering a cross
default on other facilities that could result in defaults worth a
total of A$2.53 billion.
A RHG spokesman, however, said the company's estimate of a
potential loss of future income of A$47 million and an additional
A$26.8 million in cash as a result of the default is "an absolutely
worst case scenario".
"And we're being very conservative in expressing that scenario,"
the spokesman said.
The mortgage provider, formally known as RAMS Home Loans Group,
sold its brand and distribution channel to Westpac Banking Corp.
(WBC.AU) in January 2008 after a freeze in global credit markets
left it unable to roll over much of its funding.
The New South Wales Supreme Court ruled Thursday that RHG late
last year and early this year breached a loan covenant on a A$324
million facility with Germany-based HypoVereinsbank related to
mortgage arrears rising above a set level.
RHG is appealing the court's decision but if its appeal fails
HypoVereinsbank, a subsidiary of UniCredit SPA (UNCFF) may sell the
mortgages to recoup its loan.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
ross.kelly@dowjones.com
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