Published 14 July 2010
The receivers of 16 dairy farms owned by the Crafar family said yesterday Government-owned Landcorp Farming Ltd wasn’t one of the preferred tenders in the process that closed last Wednesday.
The receivers, Michael Stiassny & Brendon Gibson (KordaMentha Ltd), got more than 50 offers for all or some of the farm portfolio. 2 months ago they reached a conditional agreement with Chinese interests fronted by May Wang, an entrepreneur also fighting off a bankruptcy application, but that agreement depended on Overseas Investment Office approval, which has still not bn given.
The Crafar farms were placed in receivership last October owing more than $200 million to Westpac NZ Ltd, Rabobank NZ Ltd & PGG Wrightson Ltd.
In March, Hong Kong-listed Natural Dairy (NZ) Holdings Ltd announced that a related New Zealand-registered subsidiary, UBNZ Assets Holdings Ltd (Ms Wang was then sole director, but has since been joined by 2 New Zealanders who have subsequently resigned), was negotiating to buy the Crafar portfolio.
30 June 2010: May Wang turns into saviour for Genesis Research
U: The names behind the action, the week to 9 May 2010, part 1, May Wang holds off bankruptcy with 6c:$1 scheme
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Attribution: Receivers’ release, story written by Bob Dey for the Bob Dey Property Report.