Breakthrough for Rena business action group

UPDATED 12.11pm: Rena's owners and insurers have spoken about their settlement with aggrieved Tauranga business operators, following a two-day court ordered mediation process.

In a statement released today, the owners Daina Shipping Company and insurers The Swedish Club stated the settlement with business claimants and iwi was confidential.

"Particulars for claims were received in February and March this year and by the 18th of March the owner had invited all claimants to mediation in a bid to expedite the compensation process," the statement said.

"The owner and its insurer are grateful to all parties involved for the constructive approach taken to bring this chapter to a close."

EARLIER: Tauranga business owners seeking compensation after Rena's grounding have settled.

The Business Action Group has spent two days in court-ordered mediation with Rena's owners and insurers.

Nevan Lancaster.

Group spokesman Nevan Lancaster told the Bay of Plenty Times a satisfactory resolution has been reached between the business action group and Rena's owners and insurers.

Mr Lancaster said he was unable at this stage to offer more information as some details remain confidential.

The group comprises of 53 businesses negatively impacted by the grounding.

Rena become one of New Zealand's worst maritime disasters when it hit Tauranga's Astrolabe Reef in October 2011.

Part of its sunken stern remains on the reef and is the subject of contention between parties who believe it needs to go and those who prefer for it to stay.