Forum Archive Index - April 2001

["greg" <gregoire@paradise.net.nz>]

Mick,

the receivers (Ferrier Hodgson I believe), led by Michael Stiassny have yet to put the assets up for tender.  The latest reference I can find is the Herald article:

 

http://www.nzherald.co.nz/storydisplay.cfm?thesection=business&thesubsection=&storyID=178173

 

I check the Ferrier Hodgson website every now and then, and haven't seen anything.

 

I can't see FFS entering into another partnership with anybody at the moment (except perhaps RBC).  It would seem plausible that FFS will show some interest in the assets up for grabs as they are one of the chief creditors of the defunct CNIFP being owed US$225m.  However, it is going to be most interesting to see who else may show an interest.  CAH have already signalled they are interested, but I wonder whether CITIC or RBC might get twitchy fingers at the auction.  If CITIC show an interest I believe this means that they still want to be a player in the NZ Forestry scene and will eventually go after FFS, RBC or CAH.  In my opinion CITIC was just testing the waters with the CNFIP in the first place - it was doomed from the outset.

 

Regards,

greg