Coast ’paper auction set

Press, 9 December 1988, Page 21

Coast ’paper auction set

By Greymouth reporter The receivers of Como Holdings will auction the plant and equipment owned by the Hokitika-based newspaper, the “West Coast Times,” on December 20. Mr Bruce Irvine, a receiver for Como subsidiary, Medialink Group, 95 per cent owner of Guardian and Times Company, said a deadline had been imposed on local people who were trying to resurrect the newspaper as a going concern. But the deadline had passed last week without a firm proposition being made. The auction will be held on the newspaper’s premises. There had been interest from other newspaper companies for parts of the machinery, he said.

Owners of the Oamaru Mail newspaper had expressed a strong interest in buying some of the big equipment and other offers had been received from throughout the country. However, if local interests still wanted to make a bid to ensure a newspaper continued in Hokitika, a private sale could be arranged if the offer was acceptable, he said.

Companies with security over the assets had approved the auction, Mr Irvine said. Many people had shown interest in buying the paper but nothing had come of it. The receivers had decided to sell by auction to try to satisfy debts owing to the bank and other creditors.

There were also large inter-company debts, but he declined to disclose how much was owing.

The plant and equipment had been valued at between $600,000 and $700,000. Anything not sold at the auction would be taken back to Christchurch and auctioned with other assets from Medialink Group.