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Stonewood Group - Receiver hopeful of sale

KordaMentha partner Grant Graham, recently-appointed receiver of Christchurch-based building company Stonewood Homes Ltd and Stonewood New Zealand Ltd (the master franchisor of the Stonewood Group) is hopeful that the business and assets may be sold as a going concern.

"While it is very early in the process for us, we are aware that prior to receivership, a company recapitalisation process was well advanced. We are hopeful that this interest can be converted into a sale of the business and assets in the short term.  Clearly, this would be in the best interests of all affected parties, including the 85 staff,” he said. 

Stonewood Homes Ltd currently has 110 houses in various stages of construction.

“We are mindful that this is an anxious time for the owners of these homes and that they want to know where to from here. Therefore, we are working as quickly as possible to conclude a detailed status review of each build.  This will take time to complete, but we believe we will be able to update owners on progress by the end of this week," Mr Graham said.

Mr Graham also noted that in addition to the companies’ secured debt; unsecured creditors are understood to be owed approximately $15 million. 

“We intend to communicate with creditors in the next 48 hours, once an accurate picture of the companies’ financial position is ascertained,” he said.



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