Ovato NZ's secured creditors paid, shortfall remains

The company’s plant and machinery sold for $2.1m. It did not name the purchaser. (Image: Getty)

Thu, 13 Oct 2022

The plant and machinery of collapsed printing and distribution company Ovato NZ has been sold allowing secured creditors to be paid.However, there is still a shortfall for other creditors.In July, Ovato NZ, alongside its Australian owners, was put into voluntary administration after facing cost pressures and pandemic-related issues.Among the issues it had been facing was the rising cost of paper as Norske Skog retrenched its global operations, closing its mill in New Zealand and paring back production in Tasmania.Following a meeting of creditor...

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