NZF is planning to transform itself through the backdoor listing of a company which has developed healthcare inventory technology and which was founded by the man behind Mooring Systems, Peter Montgomery.
NZF will buy Inventory Technologies by selling $5 million worth of shares to its owners who will then own 77 percent of NZF which will then take the target's name.
Mooring Systems was sold to the Europe-based multinational, Cavotec, in 2007.
Mr Montgomery is proving to be something of a serial entrepreneur: between Mooring Systems and his current venture, he founded a business called Tradevine, which was sold to Trade Me in 2012.
NZF's current shareholders will end up owning just 1.4 percent of the restructured company and its noteholders, who are owed $18 million will own 21.6 percent.
The noteholders will also be paid $2 million, or 11 cents in the dollar, in exchange for approving the deal and foregoing all their unpaid interest.
At the end of September, NZF's value was minus $18 million mainly because of its liability for the notes, although it held $3 million in cash.
NZF used to own Mike Pero Mortgages and finance operations but was one of the casualties of the global financial crisis and the local finance company crisis.