Greens call for transparency over Feltex bids

The Green Party has called on bidders for troubled carpetmaker Feltex to produce social impact reports, showing what their rescue packages would mean for Feltex workers and the towns where they are based.

Feltex directors were last night under pressure to conclude a rescue package after the company's bank, ANZ, warned it could call in its loans if Feltex and suitor Godfrey Hirst did not resolve outstanding commercial issues.

Feltex had earlier announced that Godfrey Hirst had advised that it did not see any value in signing formal sale documentation while there remained a competing proposal from New Zealanders Graeme and Craig Turner.

The Turners have said they expect to present their syndicate's full offer to the Feltex board on or before Friday September 8.

Green Party Economic Development Spokesperson Sue Bradford said it was time for "complete transparency" regarding the two takeover bids.

"All too often, the fate of major New Zealand firms is left to the business pages, and is discussed only in terms of what it might mean for shareholders and foreign investors. That focus is far too narrow," Ms Bradford said.

"The livelihood of those workers and the wellbeing of the towns where they live are at risk, as the competing bidders try to woo the shareholders," she said.

"If either bid will eventually result in factory closures or job shedding, the people affected should be told right now, well before the meeting later this month or in October, when Feltex shareholders will make their decision known about the Hirst NZ offer."

Ms Bradford also urged Godfrey Hirst and the Turner brothers to talk to the mayors of Horowhenua, Tararua, Manawatu, Hutt City, Christchurch and other Feltex locations about their rescue packages.

- NZHERALD STAFF