Crafar settlement secured after extensive process

After a long and extensive process, receivers for the Crafar farms have secured a final settlement with Pengxin New Zealand Farm Group Limited.

Although the receivers accepted the offer made by the Chinese group two years ago, there have been hurdles, opposition, and challenges.

The farms' receiver, KordaMentha's Brendan Gibson, says this was one of the most difficult and complex processes the company has ever handled.

"It was quite complicated in terms of the situation of the farms at the time and just getting a handle on that. It's a range of things have led us to what has been a rather drawn out process from where we see it."

He says they are very happy to secure the sale of the Crafar farms at a very pleasing price - it was far and above the best offer received.

"Very pleased to finally get here, it's been a long, difficult process for us but ultimately we're very pleased with the result we got to after a substantial period of time."

Mr Gibson would not disclose the 'very pleasing price' settled upon but says it will be made public at the companies next office filing.

The receivership will conclude with the final Fonterra payout for this season due in October 2013.


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