A Chinese court had issued a bankruptcy order against the San Lu Group, in which Fonterra has a 43 per cent shareholding, and its assets would now be sold to pay creditors.
Fonterra, which has completely written off its NZ$201m ($114m) investment in San Lu, said the bankruptcy was no surprise.
“We were aware that San Lu was in a very difficult situation and faced mounting debts as a result of the melamine contamination crisis,” said chief executive Andrew Ferrier in a statement.
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