The major shareholder of Cedenco Foods may take legal action over the decision to place the food processor in receivership.
United States-based SK Foods International argues the appointment of a receiver by ANZ Bank is not justified, and breaches the terms of an agreement Cedenco had with the bank.
The troubled firm has filed for bankruptcy protection, as some of its former employees face an FBI investigation into claims of bribery and price fixing.
SK Foods says the bank's action will only discourage foreign investment. The company is getting legal advice from Kensington Swan.
Cedenco Foods employs 88 full-time staff in New Zealand and a peak of about 400 seasonal workers.
It has vegetable and fruit processing factories in Gisborne and Hastings and was put in receivership on Monday.
