South Canterbury Finance has taken another step forward in its struggle to ensure its survival by hiring former senior banking executives for some key and new roles.The company announced it has made four senior executive appointments to re-establish the business on a sound footing.Among them is Dean Clark, who was formerly the Sydney-based head of business banking at Rabobank. He has been appointed as the general manager of South Canterbury Finance, which the company claims is the "good bank."The "good bank" is not a formal structure and is currently a division within the South Canterbury legal structure. The bank consists of around NZ$600-NZ$700 million of performing assets of South Canterbury, chief executive Sandy Maier said in an emailed statement."Eventually, it will likely be a legal separation, and at that time the capital structure will be determined," Maier added.Other appointments include Garry Sue, who will take up a position as the head of internal audit. Sue was previously holding the same position for the ASB Group of Companies. Of the other two executives, one of them is a former KPMG restructuring specialist, and the other is a real estate and corporate governance professional.Separately, South Canterbury said it is continuing negotiations with interested parties with regard to recapitalisation. The company also seems to have enough liquidity to meet ongoing funding requirements, with total loan recoveries since the start of the year exceeding NZ$256 million. South Canterbury is currently offering a special interest rate of 8.25 per cent valid until 23 July to holders of secured debentures who reinvest in the company for terms of 12, 15, and 16 months.