Former LWR staff paid off

NEWS RELEASE

EMBARGO 5.30 PM, MONDAY 17 AUGUST 2009

Former LWR staff paid their remaining preferential entitlements

The receivers of the Lane Walker Rudkin group of companies (LWR) have made further financial distributions to staff made redundant under the receivership. The latest distributions complete the payment of preferential entitlements in respect of holiday pay and redundancy accrued up to the point at which the companies were placed in receivership.

The receivers, Stephen Tubbs and Brian Mayo-Smith, said all the payments had been made at the earliest opportunity based on accumulation of cash from day-to-day trading.

The receivers also announced further developments reflecting the commercial position of the various operations within the company.

A further 42 staff are being made redundant from the Christchurch operations. These people will be paid their full preferential entitlements coinciding with their exit. In the meantime, the remaining divisions of LWR Manufacturing and LWR Hosiery and Underwear continue in operation.

The Southern Alps Socks operation in Timaru has been sold to Sock Works, and the receivers are pleased to announce that 35 staff will be re-employed by the new owners.

The liquidators of Bouzaid and Ballaben will be making a separate media release later this week on the circumstances relating to this company.

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