Villa Maria holding company owes banks $211.9m

The sale process for the company continues. (Image: Deposit Photos)

Fri, 16 Jul 2021

The first receivers report for the holding company for Villa Maria Estate, FFWL, said it owed banks $211.9 million.The report, by Brendon Gibson and Neal Jackson of Calibre Partners, said the company had come under pressure due to issues with the group’s capital structure.The group had been trying to raise equity and sell some of its land in Mangere, Auckland, which was surplus to requirements, the report said.While it owed banks more than $200m it was still confirming whether or not the business owed money to Inland Revenue, but the rece...

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