ANZ National Bank has revealed that it has put receivers into Cedenco Foods, the Hawkes Bay based food processor group, which is likely to be sold off. The development was announced today and the bank was quick to assert that it has promised seasonal funding to the said receivers to ensure that Cedenco continues with trade.

Recognizing the importance that Cedenco holds for Gisborne and Hawkes Bay communities, the bank has been quick to reassure these markets that seasonal funding was flowing smoothly and is definitely in place.

In addition, the bank has put any concerns that the growers might have at rest by sharing that enough funding would be provided to ensure that Cedenco keeps its obligation to buy the crops that have been grown for it.

The Australia and New Zealand Banking Group has also put receivers into SK Foods Australia, Cedenco JV Australia and SS Farms Australia. Receivers of these businesses have also been promised appropriate and sufficient seasonal funds.