Allied Farmers gets debt extension

Allied Farmers has secured an extension of almost three months to complete renegotiation of debt facilities with its banker, Westpac.

The company's term debt facilities expired today and negotiation is continuing with Westpac and one other lender proposing to offer funding under a shared security arrangement, the company told the NZX in a statement.

"In addition, Allied Farmers and Westpac have also been considering a number of debt retirement and restructuring initiatives that would have a positive impact for the company.

"As this process is taking longer than expected Westpac has agreed to extend the terms of the existing banking facility to 24 September 2010, subject to a range of terms and conditions, to allow sufficient time to conclude the initiatives being developed," Allied said.

Businesswire.co.nz

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