The $1 million Taieri fertiliser manufacturing plant of
failed Featherston Resources has been advertised for sale by
In spite of more than $15 million of more than 200 investors'
cash being poured into the private company during the past 16
years, it produced and sold only a small fraction of the
diatomite mined in the Maniototo, after the $1 million Dukes
Rd plant was opened in March 2011.
It went into receivership in January.
Sydney-based liquidators Hall Chadwick have advertised the
on-site assets, for converting minerals to powder and pellet
form for sale.
Expressions of interest close tomorrow. Since the liquidation
proceedings, shareholders on both sides of the Tasman have
initiated legal proceedings, which question a $A4.8 million
($NZ5.2 million) bailout offer, and also the actions of
company directors leading to the receivership.
The offer, accepted by creditors understood to be owed about
$A4 million, leaves nothing for shareholders, and the company
ownership goes to a new company.
A hearing was scheduled in the Supreme Court of New South
Wales in Sydney last week, but it was understood a decision
had not yet been released.