Pumpkin Patch Owes ANZ Bank $59.5 Million

Pumpkin Patch owes its bank nearly $60 million and its unsecured creditors another $13.2m. A receivers' report by Brendon Gibson and Neale Jackson of KordaMentha shows the children's clothing company, which was put into receivership in October, owed $59.5m, chiefly to the ANZ. Preferred creditors, largely the 1600 staff it employed in the lead-up to its receivership, were still owed $1.5m. Inland Revenue had not submitted a claim yet. It was too early to say whether the $13.2m owed to unsecured creditors could be retrieved, the report said. KordaMentha said Pumpkin Patch was "severely capital constrained" before it was put into voluntary administration by its directors, and receivership swiftly afterwards by one of its secured creditors. Difficult trading conditions and a highly competitive market had combined with unfavourable movements in the Australian dollar, and the company's financial woes had been "well telegraphed" before its demise. Read more.
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