Receiver says 4RF owes ANZ National $4.1m

4RF Communications, which sells microwave radio products worldwide, owes ANZ National $4.1 million, while other creditors are yet to be confirmed, according to receiver PricewaterhouseCoopers.

Wellington-based 4RF was placed into receivership in April after it failed to reach agreement on restructuring $5.5 million of convertible notes.

Its operating business was placed in a separate vehicle to allow it to continue operating while the merits of a full sale of the business or capital raising are considered.

"The balance of debt owed to the bank is at the date of the receivership and may be subject to additional interest, penalties and adjustments," PwC's first receivers' report says.

"We note there is a cross-guarantee between 4RF Ltd and the company in respect of amounts owing to the bank."

PwC is yet to receive confirmation of the debt owed to creditors CWC and Connect Capital. Fuji Xerox Finance has discharged four of five security interests while Ingram Micro and Sealed Air have also discharged their security interests in the company, the report says.

4RF had revenue of $20.4 million in the year ended March 31, 2010, the latest accounts filed with the Companies Office show.

It made a net loss of $820,000 that year, according to the accounts signed by chairman Peter Troughton.