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Next stage for Southern Cross Forest Products' receivership

The receivers of Southern Cross Forest Products Ltd (SCFP) have today advised that the sale process has attracted considerable interest in the Thames sawmill and remanufacturing businesses, but interest in the South Island operations does not justify continued trading in its current form.

Insights Next stage for Southern Cross Forest Products' receivership
Tuesday, 20 May 2014
Receiver, Brendon Gibson from KordaMentha said: “Since SCFP entered receivership in early March, we have focused on selling the business as a going concern. Unfortunately, with the expression of interest period now having ended, this is no longer possible for the South Island business.  
 
“A number of parties are interested in buying the Thames operation intact. However, the South Island assets will be sold individually.  Regrettably, today we have had to advise 100 Otago-based staff that operations will cease progressively from mid-to-late-June. 
 
“This decision has not been made lightly. While staff in Otago are yet to be given notice, we wanted to advise them as early as possible. We have chosen to close the sites for the afternoon to ensure staff have time to adjust to this difficult news. We acknowledge the assistance that staff have received from the community and we will continue to support those initiatives,” Mr Gibson said. 
 
SCFP wood processing facilities in Thames are entirely unaffected by the events in the South Island and continue to operate as usual servicing their international and domestic customer base. 
 
The sale process has entered the due diligence phase for all interested parties.
 
[Ends]
 
For further information, please contact:
Mr Brendon Gibson, Partner, KordaMentha, (09) 307 7865