Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Expecting Strong Interest In CNIFP Assets

Fletcher Challenge Forests Expects Strong Interest In CNIFP Assets

Auckland, 31 July 2001 - Fletcher Challenge Forests welcomed the advancement of the sales process for the Central North Island Forest Partnership with the announcement today of sales adviser, Morgan Stanley, by Receivers Mr Michael Stiassny and Mr Grant Graham of Ferrier Hodgson.

Chief Executive Terry McFadgen said "Fletcher Challenge Forests has a major financial stake in the Partnership as holder of the subordinated debt and we will be working with the Receivers and Morgan Stanley to ensure a successful outcome for the sales process."

"The Partnership's assets are highly attractive because of the quality of the infrastructure in the Central North Island, the maturity of the forest estate and the growth rates of Radiata pine in this area," he commented. He also noted that the estate's international environmental certification from the Forest Stewardship Council was a major positive. "This forest is one of the best in the world," he said, "and will attract global interest."

Mr McFadgen confirmed that Fletcher Challenge Forests was reviewing a number of options in relation to the sale process. "We have been approached by several parties and are exploring alternatives at this stage," he said. "These parties recognise our management capabilities, our financial interest in the estate and our leadership role in the region as both a forest owner and a major processor and marketer of wood products."

Please Note: If you do not receive page(s) including this page, or if any page is not readable, please call the sender immediately on telephone 64-9-571 9814. Further information on Fletcher Challenge Forests can be viewed at the Fletcher Challenge Forests web site, at http://www.fcf.co.nz


He noted that Fletcher Challenge Forests had appointed CS First Boston as advisors to the company in relation to the sale.

Receivers were appointed to the Partnership, of which Fletcher Challenge Forests and CITIC New Zealand Limited each own 50 per cent, in March 2001. All Fletcher Challenge Forests' equity in the Partnership has been written off, and the company's remaining investment is represented exclusively by subordinated debt principal and net accrued interest of US$225 million (NZ$500 million). The investment is secured over the assets of the Partnership, ranking behind approximately US$645 million of senior bank debt.


Ends.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>

ALSO:


StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>

ALSO:

Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>

ALSO:


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>

ALSO:

InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>

ALSO: