Wellington, July 14 NZPA - Collapsed textile manufacturer Lane Walker Rudkin Industries owes creditors $121 million, according to the receivers' first report.

Reports released yesterday on the company and seven fully owned subsidiaries, also in receivership, said it is unlikely any funds will be available for unsecured creditors, The Press newspaper reported.

The bulk of the money, $111.4m, was owed to Westpac. Staff were owed $2m in holiday pay and redundancies, Inland Revenue Department, $963,000 and unsecured creditors were owed $6.7m.

The reports stated the figures were provisional, pending verification.

According to brief financial statements in the reports, there appeared to be little money available for any creditors because only one of the seven subsidiaries shows a positive book value.

LWR was placed into receivership on April 28 and 186 workers, including 102 staff in Christchurch, were made redundant on May 14 and 15. About 85 staff were still working at the company's downsized operations in Christchurch.