Christchurch-based Aether Pacific Pharmaceuticals (APP) is facing liquidation with creditors owed nearly NZ$9 million.
The company formerly known as Medical Kiwi, which operates a cultivation facility and a clinical network, called in administrators last month after hitting financial difficulties.
The Press reports the firm’s liabilities include $63,000 owed to staff in wages and holiday pay, $176,000 to the Inland Revenue, and a $4.5m preferential security to Emichrome, the private family company of billionaire investor Kie Chi Wong.
As the majority secured creditor, Emichrome must support any proposal to restructure the company but has indicated it will not, meaning the administrators are likely to…
