Lender pursues Allied over $500k loan
Troubled finance firm Allied Farmers has been dealt a new blow, with a lender ordering it repay a $500,000 loan, plus interest, within 15 working days.
Monday, February 11th 2013, 3:38PM
The loan, from a lender Allied would not name, was due to be repaid from a $3.75 million asset sale in November but that fell through and Allied has been asking for an extension.
Allied said it was “very surprised” by the statutory demand and that it would be unable to meet that obligation without the support of its secured lender, Crown Asset Management (CAM), the government entity managing the assets of a number of failed finance companies.
CAM, which bought most of Allied’s remaining ex-Hanover assets last year at book value of $13.5 million, has not yet indicated whether it will help Allied.
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