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NZ Dairies receiver in 'advanced discussions' with potential buyers

Friday 18th May 2012

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The receiver for Russian-owned New Zealand Diaries is in "advanced discussions" 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.

Earlier this year, NZ Dairies' Russian parent Nutritek was declared bankrupt after missing repayments on a 403 million ruble loan to Russian lender UniCredit. Nutritek was set up in 1990 and had operations in Russia and the Ukraine, as well as the New Zealand milk processing factory.

Last month, The Press newspaper reported the Studholme processing plant had attracted interest from potential Chinese buyers, after being put on the market in November 2010. Nutritek bought into the business in 2008.

The receivers said they have opened talks with the plant's employees "with a view to keeping them informed about the future of the business."

BusinessDesk.co.nz

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