Investors who bought more than $67 million of bonds in the troubled Blue Star Group may find they are worthless after the printing company presses ahead with a sale.
It has confirmed it appointed Goldman Sachs to undertake a sale of the group in whole or parts.
Blue Star says while the underlying divisions all continue to trade profitably, the group's financial performance remains well below the forecast profitability signalled in the Capital Bond Amendment document.
In light of the sale process, the board says it is unsure whether any value will attach to the group's NZDX-listed bonds.
Last October, bondholders approved a controversial restructure of Bluestar's debt, that resulted in bondholders foregoing income so the company could remain afloat.
A retiring director Roger France says the sale process has the support of bankers and the board.