27 Nov 2012

Pacific shipping service in receivership

11:16 am on 27 November 2012

Reef Group Ltd, which has been providing shipping services around the Pacific, is in receivership.

Fairfax reports the receivers, PWC, saying the company will continue to trade.

Receiver Colin McCloy announced the Auckland-based company's receivership on Monday, saying he had been appointed to Reef Group and its associated entities.

Reef Group has interests across the South Pacific including eight cargo ships, a fleet of long-liner fishing vessels, a business supplying bulk fuels to a dozen Pacific island nations and the production and export of Niuean noni juice.

Reef Group is 89 per cent owned by Phillip McNicholl and Darrin Johannink, both of Auckland, alongside other private minority shareholders, including former All Black great Michael Jones.

Reef's shipping services currently service Fiji, New Caledonia, Vanuatu, Samoa, Tonga, American Samoa, the Cook Islands, Niue, Tuvalu and Kiribati.

Mr McCloy says the receivers will will work diligently with relevant parties on the possible business and sale of the company's assets.