{"id":73433,"date":"2023-09-25T16:24:59","date_gmt":"2023-09-25T03:24:59","guid":{"rendered":"https:\/\/www.farmersweekly.co.nz\/?p=73433"},"modified":"2023-09-25T17:08:08","modified_gmt":"2023-09-25T04:08:08","slug":"more-time-for-potential-happy-valley-deal","status":"publish","type":"post","link":"https:\/\/www.farmersweekly.co.nz\/news\/more-time-for-potential-happy-valley-deal\/","title":{"rendered":"More time for potential Happy Valley deal"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>\n

Happy Valley Nutrition\u2019s creditors have given the administrators permission to execute a deed of company arrangement in order to try to save the embattled milk processor. <\/p>\n\n\n\n

In August,\u00a0the company\u2019s creditors had given administrators an extra month<\/a>\u00a0to see if there is any substance in potential deals that could come to Happy Valley\u2019s rescue.<\/p>\n\n\n\n

The Australian stock exchange-listed company planned to build a dairy factory in the Waikato town of \u014ctorohanga but ran out of capital.  <\/p>\n\n\n\n

Those owed money by Happy Valley gathered in August to vote on whether to tip it into liquidation. <\/p>\n\n\n\n

McGrathNicol\u2019s\u202fAndrew Grenfell\u202fand\u202fKare Johnstone, who were appointed administrators in July, had recommended liquidating the company because no Deed of Company Arrangement (DoCA) had been proposed.  <\/p>\n\n\n\n

However, in the days before their administrators\u2019 report was released, the pair received two expressions of interest to potentially recapitalise the business, which could have resulted in a DoCA.  <\/p>\n\n\n\n

At August\u2019s meeting, creditors voted to adjourn the meeting for 30 working days to give the administrators time to work through the potential deals.  <\/p>\n\n\n\n

Grenfell told BusinessDesk at the time that he couldn\u2019t disclose who the expressions of interest were from.  <\/p>\n\n\n\n

However, the extension was the maximum under the legislation and, during that time, they\u2019d be working with the parties to try to progress their expression of interest and come up with something \u201cmore certain\u201d, he said.  <\/p>\n\n\n\n

At the creditors\u2019 watershed meeting on Thursday in Auckland, it was resolved that the companies execute a deed of company arrangement.<\/p>\n\n\n\n

The market update to the ASX indicated more time was needed. <\/p>\n\n\n\n

This would allow the companies to explore the possibility of recapitalising the companies and\/or entering into a sale of all or part of the business and\/or assets of the companies \u2013 in one or more transactions.<\/p>\n\n\n\n

The sunset date \u2013 the ultimate deadline for the obligations to be met \u2013 under the holding DoCA is November 30. This date could be extended but in any event, no later than June 30 next year, the market announcement said.<\/p>\n","protected":false},"excerpt":{"rendered":"Creditors give permission for deed of company arrangement.\n","protected":false},"author":16,"featured_media":66419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_FSMCFIC_featured_image_caption":"Happy Valley Nutrition had planned to build a dairy factory in the Waikato town of \u014ctorohanga but ran out of capital. \u00a0","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[3],"tags":[159,28],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t