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


Next stage for Southern Cross Forest Products’ receivership

Next stage for Southern Cross Forest Products’ receivership

The receivers of Southern Cross Forest Products Ltd (SCFP) have today advised that the sale process has attracted considerable interest in the Thames sawmill and remanufacturing businesses, but interest in the South Island operations does not justify continued trading in its current form.

Receiver, Brendon Gibson from KordaMentha said: “Since SCFP entered receivership in early March, we have focused on selling the business as a going concern. Unfortunately, with the expression of interest period now having ended, this is no longer possible for the South Island business.

“A number of parties are interested in buying the Thames operation intact. However, the South Island assets will be sold individually. Regrettably, today we have had to advise 100 Otago-based staff that operations will cease progressively from mid- to late-June.

“This decision has not been made lightly. While staff in Otago are yet to be given notice, we wanted to advise them as early as possible. We have chosen to close the sites for the afternoon to ensure staff have time to adjust to this difficult news. We acknowledge the assistance that staff have received from the community and we will continue to support those initiatives,” Mr Gibson said.

SCFP wood processing facilities in Thames are entirely unaffected by the events in the South Island and continue to operate as usual servicing their international and domestic customer base.

The sale process has entered the due diligence phase for all interested parties.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


New Bill Introduced: GST On Online Services

These measures are an important first step in the Government’s efforts to deal with increasing volumes of online services and other intangibles purchased from overseas suppliers that should, under New Zealand’s tax rules, be subject to GST. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news