BAYCORP CHASED FOR TASMAN DEBTS
Trans Tasman Collections is seeking to claw back some of the $97 million it paid to Baycorp Advantage in the middle of last year for the latter's debt collection business. The National Business Review and the New Zealand Herald both reported today on this development, with the NZH defining the size of the claim as a "few million".Trans Tasman Collections is a consortium including Allco Equity Partners and Deutsche Bank Capital Partners.The private equity consortium confirmed to the NBR that TTC was seeking "some money" back and said: "It looks like there's going to be an adjustment of some sort."The NZH reported that the issues were not related to legal action against Baycorp Advantage by the receivers of failed car finance firm Provincial Finance. Rather, the NZH reported TTC was seeking the money under "warranties and indemnities" in the sale agreement.