Dunedin bedding manufacturer Ellis Fibre's receivership and liquidation appears to be moving towards a break-up of the 20-year-old company, as opposed to sale. The report does not outline the extent of debt accumulated by Ellis Fibre, nor tally up the total assets, which would offset the debt. The first report has been prepared by receivers KPMG, since the company's sole director Glenn Alexander placed Ellis Fibre in receivership on February 5. ''From our observations to date, we consider that it is unlikely that there will be funds available to unsecured creditors,'' the receivers said. While Ellis Fibre is 20 years old, the foundations of the enterprise go back almost 50 years, manufacturing bedding products from wool, feathers and down.

Source: Otago Daily Times April 15, 2019 16:30 UTC