Sharechat Logo

Veritas bank deadline on Nosh extended to Feb. 2 by ANZ

Tuesday 31st January 2017

Text too small?

 Veritas Investments has been given a second extension to either sell or begin winding up its Nosh food supermarkets by its lender, ANZ Bank New Zealand.

The food and beverage investor took on a $5 million funding line with ANZ to buy the Nosh stores in 2014 but has struggled to turn the gourmet supermarkets into a profitable business. Veritas renegotiated its banking arrangements in October to reduce its repayments and reschedule its debt, as its Mad Butcher and Nosh businesses weighed on the group.

In December, the company said it had until Jan. 15 to deliver either an unconditional contract for the sale of Nosh or a proposal to close and wind it down by the end of March, a deadline which was later extended to Jan. 31. 

This afternoon, Veritas said ANZ had agreed to extend this to 4pm on Thursday "to allow conclusion of negotiations with the preferred bidder for Nosh."

The shares were unchanged at 15 cents, and have shed half their value in the past year.

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares up as A2, Genesis rally, while Pushpay drops
NZ dollar heads for weekly 0.7% gain, all eyes on possible US govt shutdown
Trustpower affirms earnings guidance as wholesale prices stay high; notes low hydro levels
OceanaGold's Macraes gold mine misses production target
Prime Minister Jacinda Ardern pregnant, Winston Peters to step in as acting PM
January 19th Morning Report
NZ dollar gains as threat of US govt shutdown weighs on greenback
While you were sleeping: Wall St pauses after Dow climbs to record
MARKET CLOSE: NZ shares mixed, Fisher & Paykel, Air NZ drop while Kiwi Property rebounds
NZ dollar steadies after sharp fall, US bear run may not be over

IRG See IRG research reports