The future of failed Dunedin bio-tech company Botry Zen, placed in receivership a month ago, will likely be known by the end of next month, according to Dunedin receiver WHK.
Receiver Matt Taylor, of WHK, said, when contacted, several companies, in New Zealand and overseas, had expressed interest in Botry Zen but he was still working through the receivership process and could not comment on debt levels of secured and unsecured creditors.
"We're . . . actively looking to sell the business," Mr Taylor said.
He said the receiver's first report, and possibly a decision on Botry Zen's future, would not be ready for release until the end of February.
Botry Zen makes two biological products to fight a widespread grape-wasting fungus.
It was placed in receivership after shareholders refused, for the second time in 15 months, to inject $1.5 million new capital into the cash-strapped venture.
That prompted the board to ask the company's financier, Bank of New Zealand, to appoint a receiver.
Since 1991, investors had provided $12 million to Botry Zen.
Shareholders had previously refused a $1.8 million recapitalisation, in September 2008, which pushed Botry Zen close to collapse.
Two private investors stumped up with a $1 million life-line, in a mix of loan and shares, and German interests purchased 5% of Botry Zen for $207,000.
For the full financial years spanning 2004 to March 2009, Botry Zen consecutively booked losses totalling more than $7.8 million, and during those years generated annual revenues totalling $1.3 million.
