Baycorp Advantage is seeking to offload its struggling debt recovery division and intends returning $150 million in capital to shareholders.
The debt management firm on Friday announced a net profit of $35.46 million for the 2004/05 year after a loss of $138.25 million in the previous year.
Managing director Andrew Want said the ownership of debt recovery division Baycorp Advantage Collection Services (BCS) was holding the collections business back from achieving its full potential.
“There were active discussions underway at the end of the third quarter ’05 … they did involve and do involve the potential for joint venture,” he said.
Investment firm Allco Equity Partners Ltd (AEPL), currently in the throes of a takeover bid for Baycorp, had also proposed a restructure or sale of the collection services business if it gains control.
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