The 52-year-old business in Australia owes about A$50m – A$55m.
The NZ-owned firm has gone into voluntary administration in Australia, with a sale or restructuring the preferred options for the 53-year-old business.
Chapman Tripp has confirmed that Christchurch investment group the South Island Office paid A$95m ($100.25m) to buy dessert company Sara Lee from McCain Foods.
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