Westpac Banking Corp Ltd is likely to lose as much as $NZ22 million ($A17.38 million) from the collapse of New Zealand wine grower Awatere Vineyard Holdings and Awatere Vineyard Estates,
Westpac is the main creditor for the grape grower, which owes a total of over $NZ24 million, McGrathNicol administrator Andrew Grenfell told. He did not say how much the administrator expected to recover.
”I think that the industry has a fair bit of suffering to go through in the near future to get to an equilibrium,” Mr Grenfell said.
Westpac, which will release its third-quarter trading update today, declined to comment.
