Forestry company Claymark has been bought out of receivership, sold as a going concern by a locally led consortium.
Photo: 123RF
The company was put in receivership last December after a previous sale fell through.
The producer of pine wood products has about 450 staff and one manufacturing site in Thames and two in the Bay of Plenty.
"Securing a going concern sale in the current environment is testament to the drive and commitment of Claymark's management team and all its employees", one of the receivers Calibre, Brendon Gibson, said.
When a company is sold as a going concern it means the business is expected to be able to operate for the next 12 months with no threat of liquidation or closure.
The business has been bought by a consortium led by Paul Pedersen. No price has been disclosed.
No details of the new owners have been given, but Pedersen has previously been involved in the forestry sector on both sides of the Tasman.
Documents show a company, recently renamed Claymark General Partner Ltd, was originally set up in July, with Pedersen and Peter Bridges named as 66 percent shareholders. A US based company, Shelter Forest International Acquisitions, is recorded as holding 24 percent, with 10 percent held by an Auckland company MNF FAmily Office Ltd.
"We are excited that the acquisition of the Claymark business has come to fruition.
"We acknowledge the input of the team that have worked tirelessly under difficult circumstances to continue to maintain quality products to markets around the globe," Pedersen said in a statement.
The receivers said the detail of the sale would be worked through and it was hoped to have completed by the end of the month.
Claymark had been due to be sold last August by NZ Future Forest Products, which was directed by a New Zealand First party associate.
Future Forest was denied government funding from the Provincial Growth Fund and the One Billion Trees programme, and the sale was never settled.
The last report from the receivers issued last month showed Claymark owed BNZ about $54 million, which had been growing with accumulated interest.
Repayment to the bank had been delayed pending the sale, but the receiver's report said it was likely BNZ would not get back all it was owed.
Unsecured trade creditors, who were still owed just under $9m, are not expected to get any money back.