Title: Collapsed Cedenco may not have
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Blog Entry: a{TEXT-DECORATION:none} CEDENCO FOODS' liquidator says it is unclear if unsecured creditors owed $3.4 million by the failed company will get any money. Ferragamo Shoes Ferragamo Shoes Cedenco collapsed into receivership in November last year but continued to trade while a buyer was sought, though nothing has happened yet, despite rumours of some interest. Ferragamo Shoes Meanwhile, Frederick Scott Salyer, now in prison in California, is the former owner and chief executive of the New Zealand fruit and vegetable company's parent company, SK Foods International. Mr Salyer resigned as a Cedenco director in November last year. Salyer faces charges that he and SK Foods tricked supermarkets and big food companies into buying substandard tomato products to put into brands found in almost every American cupboard. Cedenco Foods owed ANZ National Bank straw bag about $46 million and unsecured creditors $3.4m when it was placed in receivership in November last year, according to the first receiver's report early this year. Joint receiver Brendon Gibson, of KordaMentha, said earlier this year the food ingredients producer continued to trade with the help of ANZ funding, pending a possible sale. straw bag Turners and Growers chief executive Jeff Wesley said the company had looked at Cedenco but was not interested because it straw bag was a fresh fruit and vegetable firm, not a processor like Cedenco. "Processing is largely outside that core (business)," Mr Wesley said. There had been rumours that a Chinese buyer might be interested, he said. Gisborne vegetable company LeaderBrand said there had been talk someone was interested in Cedenco, but no more than that. Cedenco is one of New Zealand's biggest vegetable processors, but failed under the weight of high debts and a breakdown at a "shareholding and governance level". Both SK Foods in the US and Cedenco were owned by a Salyer family trust. SK Foods initially bought a ghd straighteners 55 per cent stake in Cedenco, most of that from Brierley Investments, and bought out the rest in 2003. Cedenco was earlier ghd straighteners listed on the sharemarket in 1993. ghd straighteners Cedenco liquidators Sheahan Lock Partners said in their first report that the receivers would take all steps to sell assets to the benefit of the secured creditor, the ANZ Bank. "It is presently unclear whether any surplus will exist after the secured creditor has been paid or whether any realisable assets will remain after the receivership terminates," Sheahan Lock said. There are about 300 unsecured Cedenco creditors along with about 100 employees also listed. Christian Louboutin Shoes Christian Louboutin Shoes
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