MFS NZ have 220M and 50M in debentures and notes in current liab. and loans worth 391M in current assets, both due in March 2008. Hopefully, most of the $391M will not default ___________________________________________________
About half of that $391 million are MFS Pacific loans from other MFS groups/funds....I guess to secure a return, same as other investors. All this info is in the November MFS Pacific half year report. Obvious scope for loans to be extended more than 12 months.
The other half, (loans that may need to be repaid in 12 months)....as you mentioned are debentures that fall due for redemption. There is no at call investments in MFS Pacific.....(investors need to wait either a min 6 months or 12 months, before they can seek redemption. So contary to lots of press, MFS have not defaulted on the balance of MFS Pacific debenture redemption.
Have a read of this.....really good info and explains the situation. Things have changed obviously with the bad press......but MFS can redeem/repay this $200M amount to kiwi investors in an orderly manner, from inflow of cash and loan repayments.
