Mortgage owner RHG Ltd
(ASX:RHG) formerly RAMS home loans, says it has received a judgement in court action in relation to a facility with one of its warehouse funders which concluded the facility is in default.
Last week news broke that a default on $324 million by the listed mortgage owner has put the lender at risk of possibly defaulting on a further $2.5 billion in loans.
A week earlier the NSW Supreme Court found that the company had defaulted on $324 million in loans used to finance mortgages; RHG says it has launched an appeal against this finding.
In an update the company has informed the market that it has been successful in obtaining a court order which restrains one of its warehouse funders from exercising its rights and powers arising under the facility documents as a result of the events of a default that were the subject of the court case.
This is to allow RHG to pursue the appeal without threat of enforcement action and also to allow RHG to pursue any refinancing opportunities during the appeal process.
RHG posted profit after tax of $119.96 million for fiscal 09.
