Fish farm folds with nearly $8m debts

NEW ZEALAND - A rescue mission has been launched to stop 20 tonnes of live kingfish becoming crayfish bait after a Far North fish farm folded with debts amounting to millions of dollars. </b> <br><br> The Parengarenga Fish Farm was set up by the Paerengarenga Incorporation Society two years and had been described as a prime example of Maori economic development in the north. <br><br> However, the farm, just south of North Cape, failed to meet production expectations and folded with debts of $7.6m. <br><br> Incorporation chairman Winiata Brown was reported to have told shareholders the venture did not attract enough investors. <br><br> He said consultants failed to find investors and withdrew from the project. <br><br> The Bank of New Zealand was understood to have advanced $7m to get the farm started but that debt had now been transferred to the incorporation believed to have assets of $30m. <br><br> <i>Source:</i>

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