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


FCF - Central North Island Forest Partnership

Fletcher Challenge Forests – Central North Island Forest Partnership

Auckland, 26 April 2002 - In response to market enquiry Fletcher Challenge Forests confirmed that the condition which it was unable to fulfil in the time available under the agreement entered into on 28 March 2002 related to financing. Key to the ability to raise finance was the need to reach agreement with a partner to fund part of the purchase.

Responding to speculation that the company did not want to proceed with the agreement with the Receivers, Fletcher Challenge Forests Chief Executive, Terry McFadgen said that this was incorrect. “We had a transaction which had a number of conditions in it, and we were unable to meet the timetable for the first of those conditions, being finance. We were comfortable that with additional time it was likely that we would do so, but the Receivers advised that they were unable to consider an extension of time”.

The Receivers terminated the agreement on the grounds that the financing condition had not been satisfied by its due date.

Mr McFadgen also confirmed that the consideration payable for the assets of the Central North Island Forest Partnership had been agreed with the Receivers at the amount of debt owed to the partnership’s banks of approximately NZ$1.5 billion.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>