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Allied Farmers agree to settle all debts

Author
Sam Thompson,
Publish Date
Mon, 4 Aug 2014, 4:24PM
Photo / Getty Images
Photo / Getty Images

Allied Farmers agree to settle all debts

Author
Sam Thompson,
Publish Date
Mon, 4 Aug 2014, 4:24PM

Allied Farmers Limited has entered into an agreement to fully settle all outstanding debts and obligation to its first ranking secured lender, Crown Asset Management Limited.

It will be paying $1 million in cash and an additional million by October 3.

The first payment will be funded by selling 10 percent of the shares its wholly owned subsidiary, Allied Farmers Rural Limited, owns in NZ Farmers Livestock Limited.

The second million will be funded by issuing non-listed bonds in Allied Farmers Rural Limited with a three year term.

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