Mainzeal workers slashed to 14 full-time from 500, receivers report shows

Mon, 08 Apr 2013

April 9 (BusinessDesk) – Mainzeal Group’s receivers have slashed the number of full-time workers to just 14 from 500 as they focus on quantifying liabilities at the failed construction firm, according to their first report. The group owes $11.3 million to its only first ranking secured creditor, Bank of New Zealand, the report from Colin McCloy and David Bridgman of PwC. In addition there are 114 specific security financing statements (PMSIs) for the supply of goods and services, including seven from BNZ, which are still being assessed. Unsec...

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