NZ Herald -- Listed Dunedin biotechnology company Botry Zen has admitted to defaulting on banking arrangements and has appointed an independent adviser to assess its financial position while seeking a buyer. Botry Zen chairman Max Shepherd said because of shareholders' rejection last week of Botry Zen's proposed $1.8 million capital raising proposal, the company "is currently operating in excess of its approved overdraft limit with the Bank of New Zealand and is therefore in default of its facility and security arrangements".
