Waikato Stud discharges debt
PA Wellington Waikato Stud has emerged from receivership with all its debts discharged, the company announced yesterday. The listed stud was placed in receivership late last year by major debenture holder, Bank of New Zealand.
The receivers, Messrs Paul Preston and John Waller, of Price Waterhouse, said the company and subsidiary, Waikato Stud Bloodstock, had secured funding from Elderbank, Ltd, enabling it to repay the BNZ and pay unsecured creditors in full.
Waikato Stud director and associate director of Elders Finance Group, Mr Allan Snape, said the company had
discharged all its debts. He would not comment on the amount owed by the stud, but said the receivership had been completed without disposing of any assets. Waikato Stud had operated normally during the receivership, he said. After two requests from the New Zealand Stock Exchange, Waikato Stud announced in December that it had made a $3.66 million loss for the year ended July 31, 1988. The company’s new directors are: Mr Snape; Melbourne accountant, Mr Tony Hodgson; Directors Institute chairman, Mr Gordon Gilmour; and Auckland solicitor Mr Chris Darlow.
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Press, 28 July 1989, Page 14
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183Waikato Stud discharges debt Press, 28 July 1989, Page 14
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