New Zealand Dairies Limited Placed In Receivership

18 May 2012

New Zealand Dairies Limited Placed In Receivership

VTB Capital Limited, secured creditor of New Zealand Dairies Limited, has appointed Colin Gower, Stephen Tubbs and Brian Mayo Smith of BDO Chartered Accountants as Receivers. The receivership includes New Zealand Dairies Limited and related Companies Studholme Corporation Limited and Dairy Exports New Zealand Limited (collectively “the Companies”).

New Zealand Dairies Limited has been operating a milk processing plant in Studholme since 2006.

The Receivers intend to market the Companies for sale. They note there are already advanced discussions in place with a number of interested parties regarding purchasing the business.

The Receivers' objective is to preserve the jobs and operations in the short term. The Receivers have a strong desire to work with both the famers who supply the Companies and the Companies’ employees. As such, the Receivers will be meeting with the farmers to discuss the implications for them going forwards and any concerns or queries they may have. The Receivers have also commenced discussions with employees with a view to keeping them informed about the future of the business.

Any party who has an interest in purchasing the Companies and would like to receive further information is advised to please contact the Receivers office on 03 379 5155.

ENDS

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