Monday 9th November 2009 |
Text too small? |
Cedenco Foods, the tomato, corn and apple processor, has been put into receivership by ANZ National Bank, which extended seasonal funding to allow the company to continue to trade.
The move follows a “breakdown in governance and ownership issues,” receivers KordaMentha said in a statement.“Whilst the business will ultimately be sold we are in the fortunate position of having funding from ANZ National who is committed to the future of the business,” said Brendon Gibson, a spokesman for KordaMentha.
Cedenco has shuttered factories this year in response to a downturn in global demand. It closed a retort factory, which processed corn cobs, in July with the loss of 125 seasonal jobs. In May, the company had to advise the market it was ‘business as usual’ after a U.S. affiliate, SK Foods LP sought Chapter 11 bankruptcy.
ANZ National’s parent, Australia & New Zealand Banking Group has also appointed receivers for Cedenco’s Australian affiliates SK Foods Australia, Cedenco JV Australia and SS Farms Australia.
ANZ National said in its statement that it “recognizes the importance of Cedenco to the Gisborne and Hawkes Bay Communities.”
It said funding was in place to pay growers who had planted crops for Cedenco.
Businesswire.co.nz
No comments yet
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director