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Walkerswood does not owe US$10 million
Wednesday, October 03, 2007
JAMAICA'S internationally acclaimed Walkerswood Caribbean Foods does not owe farmers US$10 million, contrary to an Observer report, a news release from the company said yesterday.
Responding to what it said was a number of inaccuracies in the October 1 report, the statement said that the company's indebtedness to farmers was to the tune of $11 million, a far cry from the figure quoted in the Observer.
On Monday, the Observer had quoted Agriculture Minister Chistopher Tufton as saying that he had asked the Jamaica Development Bank to hammer out an arrangement to prevent a shutdown of the company.
Following is the text of the company's statement:
"There are a number of inaccuracies in the article published in the Jamaica Observer newspaper of October 1, 2007 regarding Walkerswood Caribbean Foods Ltd.
. There is no truth to the statement that "the seasoning giant could be closed down and eventually sold by its creditors to meet its debts".
. The company owes J$11 million to farmers AND NOT US$10 million. Farmers across the island continue to supply Walkerswood Caribbean Foods with raw materials for which they are being paid. The company is in discussions to seek to resolve the outstanding balances as quickly as possible.
. The company has US$5 million of interest-bearing loans which is less than the cost of its new factory and equipment.
. Walkerswood retained the services of Corporate Strategies Ltd in August to work with the company to seek suitable equity investor/investors. This process is well under way.
. Despite recent challenges, Walkerswood continues to proudly fly the Jamaican flag at home and abroad and will no doubt be doing so for many years to come.
. The tone and inaccuracies of the Observer article were unfortunate and we hope that a corrective piece will be printed with similar prominence."
Wednesday, October 03, 2007
JAMAICA'S internationally acclaimed Walkerswood Caribbean Foods does not owe farmers US$10 million, contrary to an Observer report, a news release from the company said yesterday.
Responding to what it said was a number of inaccuracies in the October 1 report, the statement said that the company's indebtedness to farmers was to the tune of $11 million, a far cry from the figure quoted in the Observer.
On Monday, the Observer had quoted Agriculture Minister Chistopher Tufton as saying that he had asked the Jamaica Development Bank to hammer out an arrangement to prevent a shutdown of the company.
Following is the text of the company's statement:
"There are a number of inaccuracies in the article published in the Jamaica Observer newspaper of October 1, 2007 regarding Walkerswood Caribbean Foods Ltd.
. There is no truth to the statement that "the seasoning giant could be closed down and eventually sold by its creditors to meet its debts".
. The company owes J$11 million to farmers AND NOT US$10 million. Farmers across the island continue to supply Walkerswood Caribbean Foods with raw materials for which they are being paid. The company is in discussions to seek to resolve the outstanding balances as quickly as possible.
. The company has US$5 million of interest-bearing loans which is less than the cost of its new factory and equipment.
. Walkerswood retained the services of Corporate Strategies Ltd in August to work with the company to seek suitable equity investor/investors. This process is well under way.
. Despite recent challenges, Walkerswood continues to proudly fly the Jamaican flag at home and abroad and will no doubt be doing so for many years to come.
. The tone and inaccuracies of the Observer article were unfortunate and we hope that a corrective piece will be printed with similar prominence."
If the company is in major financial fiasco, we'll soon know.
!!
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