Elders Primary Wool, Primary Wool buy Christchurch Yarns NZ out of receivership

Thu, 23 Oct 2014

By Suze Metherell Oct. 23 (BusinessDesk) - NZ Yarn, a joint venture between Elders Primary Wool and Primary Wool Cooperative, have bought Christchurch Yarns NZ out of receivership for an undisclosed amount. The Christchurch-based wool spinning company was tipped into receivership in April, owing $7.2 million to general security agreement creditors including Westpac Banking Corp, while preferential creditors were owed $1.2 million, according to the first receivers report on June 11. The plant was damaged in the 2010 and 2011 Canterbury ea...

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