Allied Farmers granted another year's life by finance coy receivers
The receivers of Allied Farmers's former finance company have granted it another year of life.
Tuesday, April 3rd 2012, 9:23AM
by Jenny Ruth
Receivers for Allied Nationwide Finance (ANF), Andrew Grenfell and Kerryn Downey of McGrathNicol, have extended the loan, down to just $891,000 at February 2012, from March 31 this year to March 31 next year.
In June last year, when the debt was $7.5 million, the receivers extended the due date July 1 to March 31 this year when it was obvious that otherwise Allied Farmers would default for a third time on funding arrangements with ANF, which went into receivership in August 2010.
A second loan of $11.7 million from ANF falls due on July 1, 2012.
Allied Farmers, which took over Hanover Finance's assets, then valued at $396 million, in a deb-for-equity swap at the end of 2009, reported a $9 million loss for the six months ended December.
Hanover's former debenture holders used to own more than 90% of Allied Farmers but were heavily diluted late last year to less than 32%. Allied Farmers' current market capitalisation is just $3.8 million.
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