UNIT SHIPPING CO. Bank may put in receiver

Press, Volume CXI, Issue 32665, 22 July 1971, Page 1

UNIT SHIPPING CO. Bank may put in receiver

(New Zealand Press Association)

AUCKLAND, July 21.

Chase Manhattan Bank, the major debenture holder in the Unit Shipping

Company, is expected to appoint a receiver for the tug-and-barge operator

as a result of its fi

The Unit Shipping Company’s tug and barge are at present laid up at Onehunga, unable to move because of an Auckland Harbour Board writ for $BOOO which it alleges the company owes it for berthage fees. About 1100 tons of general cargo from Timaru has remained on the barge because the company has been unable to meet costs of discharging it at Onehunga. A company spokesman said today he believed that the American bank was to appoint a receiver for the company through its New Zealand solicitor, but he had not yet received formal advice of this. He said that the Unit Shipping Company had received no finance from the Development Finance Corporation. The company was told by the Minister of Customs (Mr AdamsSchneider) last week that if it submitted a revised proposition to the corporation the corporation would give it urgent consideration.

No firm offer No firm offer has yet been received for the Japanese fishing boat Masa Maru which was refloated by the tug, Unit Shipper, off the Wairarapa coast. Mr W. B. B. Thompson, a director of both the Unit

lancial difficulties.

Shipping Company and Car Haulaways, Ltd, chartered the tug from Unit Shipping Company for Car Haulaways to carry out the salvage work. According to the company spokesman the Masa Maru is the property of Car Haulaways. It is at present in Nelson.