No bailout for struggling Silver Fern Farms
The Government has ruled out a bailout for Silver Fern Farms, and says there's nothing it can do if shareholders decide to sell to Chinese investors.
The meat processing cooperative needs a $100 million- capital injection and New Zealand First leader Winston Peters says the Government should put up the cash.
But Finance Minister Bill English says that won't happen, even though the meat industry is crucial to New Zealand's economy.
"The question is, how important is it to its current owners that it's a sustainable organisation? And they'll either put up their money, or they'll have to find someone else who will."
Mr English says Silver Fern Farms is privately owned, and there's nothing the Government can do if shareholders decide to sell to foreign investors, provided the Overseas Investment Office approves.
"The issues related to that company and the meat industry are pretty well-known."