Cedenco in receivership
US-owned Hawkes Bay fruit and vegetable processor Cedenco Foods is in receivership and is likely to be sold.
Michael Stiassny and Brendon Gibson of KordaMetha were appointed as receivers.
In May, Cedenco’s parent company, SK Foods LP in the United States, was preparing to start voluntary Chapter 11 bankruptcy.
Mr Gibson said while the business would be sold it was continuing to operate with the support of funding from ANZ National.
“Growers who have planted crops for Cedenco should also be reassured there is funding to enable Cedenco Foods to purchase those crops,” the receivers said in a release this morning.
ANZ has also appointed receives into SK Foods Australia, Cedenco JV Australia and SS Farmers Australia.
Cedenco has the largest tomato processing factory in the Southern Hemisphere in Echuca in Victoria. It is one of New Zealand's biggest vegetable processors, with two Gisborne factories, a processing plant at Whakatu in Hawke's Bay and a business in Ohakune.
In the United States, two former SK Foods executives are facing federal price fixing charges in relation to tomato products.