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Bank forces Green and Sons to suspend trading
15 Aug 2005
EG Green and Sons, Western Australia’s biggest meat processor, shut its meatworks at Harvey for two weeks on Friday pending a complete "financial and operational" overview of the business. Farm industry groups said they feared Greens, the state’s largest meat processor, may be unable to continue trading. National Australia Bank and major livestock agents Elders and AWB Landmark forced the company to suspend trading, with debts estimated at $20 million. Farmers and feedlots who have sold cattle to EG Green directly are estimated to be owed millions more. The business processes around half the 400,000 cattle slaughtered in WA each year, produces around 50,000 tonnes of beef, and accounts for 90 per cent of the state's beef exports.
West Australian, 15/08/05
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