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

 

Southern Cross Forest Products in receivership

FOR IMMEDIATE RELEASE – 3 March 2014

Southern Cross Forest Products in receivership

Brendon Gibson and Michael Stiassny of financial advisory firm KordaMentha have today been appointed as receivers to Southern Cross Forest Products Ltd.

“Southern Cross has a global reputation for producing high-quality wood products that are sold around the world. The core business is profitable, but as with others in the sector, Southern Cross has suffered in a difficult industry environment,” Mr Gibson said.

“We are working with a very strong management team to keep the business trading profitably while we run a sale process. We will be looking to find new owners who can continue to build on the company’s strengths. We expect that process will start in the next few weeks and will make further announcements in due course,” Mr Gibson said.

Southern Cross operates wood processing facilities in Thames in the North Island, and in Mosgiel, Rosebank, Millstream and Millburn in the South Island.

[Ends]

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>