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Geneva Finance, the latest company to strike problems in the financial sector crisis, yesterday gave its trustee assurances about its financial fitness.
On Tuesday, Standard & Poor's put Geneva on negative "CreditWatch" saying it may be unable to manage its liquidity due to funding pressures affecting the finance company industry, following six collapses this year.
Following a meeting yesterday - scheduled before S&P's action - Covenant Trustees managing director Graham Miller said: "The company is not in breach of its trust deed."
The S&P action was discussed and an amendment to Geneva's prospectus will be issued shortly.
Miller said he could not comment on whether assurances had been received on the security of a $50 million standby facility Geneva has received from the Bank of Scotland, which S&P said was crucial to its future.
- NZPA
