Related topics: Financial
Last year’s scandal involving Chinese products derived from milk tainted with the industrial chemical melamine continues to take its toll on New-Zealand-based cooperative Fonterra as its Sanlu joint venture faces bankruptcy.
Group chief executive officer Andrew Ferrier has confirmed that on 24 December, a court in Shijiazhuang, China, issued a bankruptcy order against Sanlu. According to Fonterra, a court-appointed receiver will have six months to sell the company’s assets and pay off creditors.
"This bankruptcy order is not a surprise to us," stated Ferrier. "We were aware that Sanlu was in a very difficult situation and faced mounting debts as a result of the melamine contamination crisis.”
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