Wrightson finally gets $25M Crafar Farms loan repaid

Sun, 02 Dec 2012

Dec. 3 (BusinessDesk) - PGG Wrightson, New Zealand’s largest rural services company, has finally received repayment of loans over the Crafar Farms of about $25 million following the sale of the properties to China’s Shanghai Pengxin Group. The repayment was slightly above expectations, Wrightson said. Crafar Farms was placed into receivership in 2009 to a syndicate of lenders, including PGG Wrightson. The sale process became bogged in intrigue as the first buyers ended up facing fraud charges in Hong Kong and the successful bidder had to aw...

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