Cedenco owes bank $46m

Transtasman food ingredients maker Cedenco owes about $46 million to the ANZ National Bank and unsecured creditors are owed a further $3.4 million, receivers say.

Workers at Cedenco Foods have a preferential claim for $641,000 and the Inland Revenue Department is yet to confirm the amount of its preferential claim.

One of the joint receivers, Brendon Gibson, of KordaMentha, said yesterday that he was unable to comment on the likely return to ordinary unsecured creditors "due to this information being commercially sensitive".

He has said the company continues to trade with the help of ANZ funding pending a possible sale.