Taranaki-based Organic Dairy Limited, owned by New Zealand Organic Dairy Co-operative, has gone into receivership owing an estimated $15 million and costing about 30 jobs.Receivers were appointed on Friday and the Okato factory stopped operating on Saturd
Taranaki-based Organic Dairy Limited, owned by New Zealand Organic Dairy Co-operative, has gone into receivership owing an estimated $15 million and costing about 30 jobs.
Receivers were appointed on Friday and the Okato factory stopped operating on Saturday, local media reported.
The directors asked their major creditor, BNZ, to appoint receivers.
Receivers Andrew McKay and John Cregten of Corporate Finance in Auckland, declined to put a figure on the debt but the newspaper estimated it to be at least $15 million. This estimate is thought to be on the high side.
Mr McKay said he was still going through the company records "to find out what we've got and where we go from here."
It would take less than a week to work out whether the business was saleable or could continue trading in some form, he said.
