N.Z. Lamb solution sanctioned
PA Wellington Shareholders of New Zealand Lamb Company (North America), Ltd, agreed yesterday on a way of solving its $33 million debt problem, but no details have been released.
The company, also known as Devco, made a short statement saying that action aimed at a mutually satisfactory solution to the company’s funding problem had been agreed. The company’s bankers had also agreed on the course of action, and the company’s chairman, Mr Ron Cushen, the directors and management were "satisfied” with the outcome of the meeting, said the statement. Devco owes $l3 million to meat processors and $2O million to the Meat Board.
A May deadline to pay for meat sold over the next 10 months, and a $35 million higher credit line requirement this year because of booming sales, have contributed to the company’s problems.
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Press, 19 June 1986, Page 3
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140N.Z. Lamb solution sanctioned Press, 19 June 1986, Page 3
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