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CeresNZ interested in buying Mainzeal from receivers

CeresNZ, the Christchurch-based unit of American firm Ceres Environmental Services, says it has a "strong interest" in buying Mainzeal Property and Construction from the receivers.

The company plans to have preliminary talks with the receivers, betting that the rebuild of Christchurch provides a role for the "highly skilled people within Mainzeal", according to a statement posted on the Scoop website.

Mainzeal, part of Richard Yan's Richina group, was placed in receivership this week after failing to make payments on its credit facilities, having become embroiled in lawsuits related to the leaky buildings saga.

"Strategically, CeresNZ sees this as an extremely positive opportunity for growing the business," company spokesman Bernie de Vere says. Financing for its local projects has been provided by US private equity firm Vesta Equity, owned by David McIntyre.

CeresNZ has been involved in demolition and rebuilding in Christchurch. he parent company was involved in the clean-up after Hurricane Katrina and the earthquake in Haiti, according to its website.

(BusinessDesk)

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Comments and questions
11

Odds are they just want to cherry pick good contracts or at the minimum have a look at all the mainzeal I.P. Good recvievers should be charging a fee for tyre kickers

I would like to give them the benefit of the doubt

jimbuck might be right, but there is a lot of dislocation and trauma from the fall of Mainzeal. Someone picking up the company less the debt and treating it like a turnkey operation for NZ could spare a lot of people a lot of worry - and not hold up the Chch rebuild.

Too late for many Mainzeal employees who were officially made redundant Friday evening.

It's Great, about time to lose those useless employees who sits in the office and spends the company's money like no tomorrow.

I say Ceres NZ are Saviors. Ive met the owner and he has a heart of gold. He's looking at the ability to give 400 jobs back! Keeping the economy rolling only forward, keep our families and friends fed. Ceres is the real deal and an ethical company. Thats how they got this far. They don't price gouge and are a professional disaster relief organization. They've worked catastrophes and rebuilds Ceres knows what it takes to get it done! I tthink it's great and we need all the help and jobs flowing that we can get! I Cheers.

A majority of the 400 staff are not taking ownership of their job, have no ability, not thinking for the company. Just sits on their chair, browsing what dinner they should have tonight.

Ceres would have two disaster recoveries on their hands!

But hey, Ceres is an overseas owned company. What have Winston Peters, Russel Norman et al got to say about that?

Ceres NZ is a NZ organization with kiwis running it. The owner happens to be American and obviously invests his money in NZ and employs NZ. We have Chinese owning Chinese restaurants, Indians owning pump stations. Do we still get fuel? At least Ceres is keeping money here and investing here. I would also if I were from the States and had money... Why wouldn't you invest in us?

Agree, the move by Ceres appears to be extremely positive and they certainly have an excellent track record according to this report: http://wellington.scoop.co.nz/?p=52618

It’s good to see Ceres has been upfront with their announcement by spelling out that obviously it’s very early day before a final decision can reached.

Good on them for moving so quickly and let’s hope it works out and that the government facilitates any assistance for making ithis possible.