Receiver 'hopeful' Botry-Zen can be sold
BY ANDREA FOX
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Biotechnology company Botry-Zen owes a total of $2.2 million to secured and unsecured creditors, says its receiver WHK.
The Dunedin-based NZAX-listed business called in the receivers on Wednesday after failing to raise a minimum $1.5m in a share purchase plan. The NZX has suspended its shares.
Peter Heenan, joint receiver with Matthew Taylor, said $1m of the total money owed was to the BNZ, and $180,000 to unsecured creditors.
The future of eight staff would depend on a review of the business over the next 14 days, but for now they would remain, Mr Heenan said. He was "hopeful" of being able to sell the business.
Botry-Zen had recorded operating losses since listing in 2001.
- © Fairfax NZ News
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