Wellington, New Zealand, September 21, 2006--The Feltex rescue became even more confusing yesterday as competing takeover groups disputed whether the Turner brothers' offer would satisfy the carpet-maker's bank, ANZ, according to the New Zealand Herald.
According to the story, observers say that ANZ does not believe it has been given a fully funded unconditional offer for Feltex.
The report added that Ted and Craig Turner, who head one group trying to buy Feltex, believe they have met the bank's cash criteria, but would not comment on whether the bank would forgive some of the ailing carpet-maker's $135 million debt.
Meanwhile, Godfrey Hirst hovers nearby, wondering if the bank might reconsider the Australian firm's earlier proposal.
For details please see the full story: nzherald.co.nz
