Tachikawa in breach of banking covenants, tagged by auditor in lead-up to receivership

Mon, 21 Oct 2013

By Paul McBeth Oct. 21 (BusinessDesk) - Tachikawa Forest Products (NZ), the owner of the Rotorua sawmill tipped into receivership last week, was in breach of its banking covenants for the past two years, and had its 2012 accounts tagged by auditors over a working capital deficit. KordaMentha’s Grant Graham and Brendon Gibson were appointed receivers on Friday, ending the Japanese-owned wood processor’s attempts to regain profitability after successive years of losses that had accumulated to $12.5 million as at Dec. 31. The sawmiller narrowe...

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