Extent of whisky company debts being established

Receivers are working to establish the debt level of the New Zealand Malt Whisky Company, but yesterday revealed it was "a substantial sum".

The company was placed in receivership by South Canterbury Finance on February 26.

Duncan Fea and Alistair King, of WHK in Central Otago, are the receivers.

Since then, they had been working on establishing the assets of the company, which included the Whisky licensed cafe.

They had also been selling stock and notifying creditors.

"We have yet to get confirmation from all known creditors to establish the company's position," Mr Fea said, when contacted yesterday.

"We know the South Canterbury Finance debt, but we are still getting a final handle on other debts."

The receivers were working closely with the Oamaru Whitestone Civic Trust which was attempting to find a suitable new tenant for the Whisky licensed cafe and tea rooms.

Mr Fea called the relationship with the trust "really good".

Receivers had made an export whisky sale and were meeting normal bottle sales demand.

"We are talking to other interested parties to negotiate the sale of all the whisky stocks," he said.

There were more than 460 casks of whisky, along with bottled stocks.

About 50% was single malt whisky.

New Zealand Malt Whisky was established by Warren and Debbie Preston in the former Loan and Mercantile building in the Oamaru historic precinct, opening in September, 2007.