Allied Farmers subsidiary extends term loan facility
Allied Farmers subsidiary Allied Farmers Rural's term loan facility with another subsidiary, Allied Nationwide Finance has been extended to the end of March.
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Allied Farmers subsidiary Allied Farmers Rural's term loan facility with another subsidiary, Allied Nationwide Finance has been extended to the end of March.
The facility had been due for repayment by July 1, but had been extended by agreement of the parties, Allied Farmers said today.
In April the company said the facility had an outstanding balance of $7.5 million.
Allied Nationwide Finance, which is in receivership, has also been appointed to manage and realise Allied Farmers Investments' loans and other remaining assets.
Allied Farmers Investments is the holding company for the loans, investments and property assets Allied Farmers acquired from Hanover Finance and United Finance in December 2009.
At the time of the deal the Hanover and United assets had an attributed acquisition value of $396.2m, but last August Allied Finance said the fair value assessment of the net assets had been determined at $94.3m.
NZPA
Fri, 10 Jun 2011
Fri, 10 Jun 2011
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Allied Farmers subsidiary extends term loan facility
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