Drinks firm takeover faces hurdle

The future of Sunshine Coast company Cooroy Mountain Spring Water is in doubt after a failed takeover.

The bottled water and soft drink company went into receivership last September with debts of more than $20 million.

An offer by local businessman Peter Lavin was accepted by the receivers but the former owner has taken out a Supreme Court injunction blocking the sale.

Mr Lavin says he has made a formal offer for part of the business and will reconsider buying the bottled water component at a future date.

"The receivers are unable to deliver title to Cooroy Mountain Springs so they're unable to settle, so we're now in discussion with them in principal agreement to just take the Wimmers part of it over and wait till they sort out the mess they've got," he said.

Source: ABC News, 6 June 2012