Capital + Merchant Finance, New Zealand nonbank financier, on Thursday became the nation's 12th finance company to collapse in less than two years. U.S.-based creditor Fortress Credit Corp., owed around 70 million New Zealand dollars (US$54 million), called in receivers after Capital + Merchant had breached agreements with the Australian branch of Fortress, which has a prior charge over assets.US problems pulling down companies in Southern Hemisphere, too.
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