Receivers for NZ Dairies are in talks with interested buyers.
Moscow-based investment bank VTB Capital appointed Colin Gower, Stephen Tubbs and Brian Mayo Smith of BDO Chartered Accountants as receivers for NZ Dairies yesterday. They intend to put the group, which includes milk processing facilities in Studholme, up for sale, and have called a meeting with farmer suppliers keep them up to date.
“There are already advanced discussions in place with a number of interested parties regarding the purchase of the business,” the receiver said in a statement.
There are some very anxious suppliers waiting to find out how much they will be paid for the milk they’ve sent to the company in the last month.
They are owed make-up payments for the rest of the season too as suppliers get only partial payments during the season.
The problem appears to be a lack of equity after the parent company went bankrupt.