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

 


Wrightson finally gets $25M Crafar Farms loan repaid

Wrightson finally gets $25M Crafar Farms loan repaid

Dec. 3 (BusinessDesk) - PGG Wrightson, New Zealand’s largest rural services company, has finally received repayment of loans over the Crafar Farms of about $25 million following the sale of the properties to China’s Shanghai Pengxin Group.

The repayment was slightly above expectations, Wrightson said. Crafar Farms was placed into receivership in 2009 by a syndicate of lenders, including PGG Wrightson.

The sale process became bogged in intrigue as the first buyers ended up facing fraud charges in Hong Kong and the successful bidder had to await a politicised decision from the Overseas Investment Office.

“Following a protracted sale process the receivers have now concluded the sale of the Crafar Farms assets and have distributed proceeds to the syndicate of lenders,” Wrightson said.

The Crafar Farms loans made up the bulk of the $29 million of outstanding loans Wrightson retained in its PGW Rural Capital unit after the sale of PGG Wrightson Finance to Heartland Building Society last year.

Shares of Wrightson last traded at 36 cents and have fallen 5.3 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news