I.H. Aust. in receivership

Press, 2 October 1982, Page 6

I.H. Aust. in receivership

PA Wellington International Harvester Australia, Ltd, the truck and machinery group, has gone into receivership, but the New Zealand company is "financially sound and profitable and will continue to operate in this manner,” according to the managing director of International Harvester New Zealand, Mr Alan Dewar, last evening. Mr Dewar said in Christchurch, "I.H.N.Z. will continue to import trucks and agricultural equipment. Supplies of service parts will be continued and we will provide our valued customers with the service expected of us on an ongoing basis.” An earlier report from

Melbourne quoted the managing director of International Harvester Australia, Ltd, Mr Paul Johnson, as saying that receivers had been appointed.

The appointment of two accountants from a chartered accounting firm, Peat, Marwick, Mitchell and Company, as receivers and managers came after talks yesterday between I.H. and 30 merchant and trading bank lenders. Mr Johnson said I.H.'s manufacturing group and the wholly owned subsidiary. International Harvester Credit Corporation of Australia, Ltd, had outstanding loans of sAust3oo million.