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CNIFP Banks Seek Clarification of Management Agmnt
STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).
CNIFP Banks Seek Clarification of Management Agreement Termination Rights
Auckland, 27 March 2003 –
Fletcher Challenge Forests advised today that the Bank of
New Zealand, in its capacity as lead bank for the CNIFP
banking syndicate, had applied to the High Court seeking
clarification of certain provisions in the CNIFP financing
documents which may provide a right to the banks to require
Fletcher Challenge Forests to agree to a termination of the
CNIFP Management Agreement.
The Company had previously advised the market that prior to any termination of the Management Agreement, there were certain legal and commercial issues that would need to be resolved.
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