Hawke’s Bay apple grower South Pacific Growers enters receivership with $13m Government loan at risk
South Pacific Growers, a Hawke's Bay apple producer, has entered receivership and is unlikely to repay a $13 million Government loan after cashflow problems made it unable to service its debts.
A Hawke's Bay apple growing company has entered receivership as its financial situation deteriorated. The company has received a $13 million Government loan that appears unlikely to be repaid. Worsening cashflow problems left the business unable to pay its debts.
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NZ Herald
South Pacific Growers: Hawke’s Bay apple grower in receivership, unlikely to repay $13m Government loan
'As the company's cashflow problems worsened, it became unable to pay its debts.'