Reports suggest New Forests has bought Gunns’ assets (not including the pulp mill site and permits) for $330 million.
In all likelihood this means Gunns’ land plus the trees growing on the land. Some of the trees however belong to MIS investors and joint venture partners.
Court proceedings have been underway for some time to get court approval for the amount to be split to the tree growers.
It won’t all end up with the hedge funds or whoever now owns Gunns’ bank debt.
Joint venture partners will get some and some will go to the MIS growers. Korda Mentha also will undoubtedly clip the ticket.