North Island Mussel Processors is being placed in receivership after the owner of its one-third shareholder, Greenshell Investments, failed to pay $1.2 million in processing fees and associated debt.
North Island Mussel made the headlines in 2009 when it adopted the world's first automated mussel-opening machine at its Tauranga plant, a $23 million expansion that was opened by Prime Minister John Key.
Listed fishing company Sanford and Sealord Group, which own the remaining two thirds of North Island Mussel, will work with the receivers "to see if mussel processing operations can commence once the new Coromandel mussel season starts in mid-October this year and to protect the jobs of 20 full time staff and 200 additional workers employed on a seasonal basis," Sanford managing director Eric Barratt said.
The receivership won't have a material effect on Sanford's financial results or banking covenants, he said in a statement.
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