Distressed Assets Media Centre
16 March 2010
Co-op in receivership
Source: foodweek.com.au
The NZ Organic Dairy Farmers Co-operative has been placed into receivership, owing an estimated $15 million and costing about 30 jobs.
Receivers were appointed at 5pm Friday and the factory ceased operating 24 hours later.
Most milk suppliers are now believed to be selling their milk to Open Country Cheese, near Matamata.
The directors asked their major creditor, the Bank of New Zealand, to appoint receivers. The receivers are Andrew McKay and John Cregten, principals of Corporate Finance Ltd, Auckland.
Mr McKay yesterday declined to state the amount of debt, but the Taranaki Daily News estimates from company and supplier statements over the past three months that it totals at least $15 million.
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