Forum Archive Index - March 2001

[Derek <dkw@paradise.net.nz>]

Looks like I won't win that Year 2001 competition.

Derek


Tuesday 20 March 3:43 PM

NZ's E-force succumbs to receivership 
WELLINGTON, March 20 (Reuters) - Timber processor turned e-commerce company
E-force Ltd on Tuesday went into receivership, saying it had been unable to
reach an agreement with its bank lender on restructuring.
"E-force Limited announces that it has been unable to put together a
restructuring package which is acceptable to its banker, HSBC. As a result
HSBC has today appointed Richard Agnew and David Davidson of
PricewaterhouseCoopers as receivers to E-force Limited and a number of its
subsidiaries," E-force said in a brief statement.

E-force, formerly Paynter Timber, launched into the e-commerce world in
March 2000, projecting then a profit of NZ$2.1 million in the year to
February 2001 from its consumer portal operations and two
business-to-business e-commerce businesses, procurement software firm
Products Sourcing International Ltd and hosting company Imagic Ltd.

But in November it reported an H1 loss of NZ$2.9 million and in December it
closed its portal and announced restructuring plans.

E-force shares last traded at NZ$0.02, down from a high of NZ$0.48 when it
announced its switch to the e-commerce world.

(c) Reuters Limited 2001


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