Agribusinesses and farmer creditors left out of pocket after the crash of failed Chinese-owned cotton marketer Weilin Trade have been paid 20 cents for every dollar they were owed.
Weilin’s administrators suggest there is a chance a further small dividend of maybe one cent more could follow after the receivership process winds up.
However, its parent or related company has retained irrigated property assets in southern NSW, despite having only contributed enough to cover about a fifth of its trading arm’s debts to growers and service providers.
Weilin Trade went into receivership in early July after it was caught by a $100 a bale market slump in February-March last year leaving it unable to pay growers for cotton it had contracted t…
Read the full article at: https://www.farmweekly.com.au/story/7088238/weilins-modest-debt-payment-offer-banked-by-cotton-creditors/?cs=5150
