19 Mar 2010

Hawke's Bay dairy company in receivership

2:00 pm on 19 March 2010

Another dairy company, Hawkes Bay-based Patoka Dairies Ltd, has been put into receivership.

Receivers from PricewaterhouseCoopers, Maurice Noone and John Fisk, have been put in charge of the company.

Mr Noone says the company appears to have over-extended itself and has not be able to get the finance it needs to fund operations or complete development activities.

He says the company is also unable to fund it's projected debt levels.

Mr Noone says the first priority is to address financial and operational challenges, but he says the receivers are also looking at ways to complete the company's property development plans.

Earlier this week, Taranaki-based NZ Organic Dairy Co-operative was placed into receivership.