Cedenco Foods in receivership

ANZ National Bank has put receivers into food processor Cedenco Foods.

Announcing the move today, ANZ National said it had committed seasonal funding to the receivers to allow Cedenco to continue to trade.

ANZ National recognised the importance of Cedenco to the Gisborne and Hawkes Bay communities and wished to reassure those communities that seasonal funding was in place, ANZ National said.

It also wished to reassure the growers who had planted crops for Cedenco that there was funding to meet Cedenco's obligations to buy those crops.

ANZ National's Australian parent company, Australia and New Zealand Banking Group, had also appointed receivers into SK Foods Australia Pty, Cedenco JV Australia Pty, and SS Farms Australia Pty in Northern Victoria, Australia.

Seasonal funding had been committed to the receivers of these businesses also.

- NZPA