September 7, 2006

ANZ move on Feltex threatens 900 jobs

Today’s move by the ANZ Bank against iconic Kiwi carpetmaker Feltex threatens the jobs of 900 people, says the Engineering, Printing and Manufacturing Union.

This morning Feltex announced that the bank had given it until 8am tomorrow to present acceptable offers, and in the meantime had frozen its loan facilities.

The union’s national secretary, Andrew Little, said that the bank’s move came as a shock.

“It’s extremely disappointing to see this bank moving against a company that has a good product, is trading well and has a healthy order book,” he said.

“If this a forerunner to receivership, then the 900 people who work for the company are going to be badly affected.”

Mr Little said that in the event of receivership, the bank would take what it was owed before workers would be paid any redundancy.

ENDS

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