Two Queenstown bars, the Boiler Room and Minus Five Ice Bar, which were placed in receivership in July, have been sold.
Receiver Malcolm Hollis, of PricewaterhouseCooper, said a conditional sale agreement had been signed.
He declined to disclose the buyer or the sale price.
The receivers' first report showed creditors, including South Canterbury Finance and New Zealand Breweries, were owed $10.15 million.
