Confirmation of Debt Reduction by Allied Farmers
A confirmation was made today by the Allied Farmers with Westpac, over the outstanding debt which is now not more than $1.65 million according to the funds receipt given by the Maison Reeves Condominiums (MAC Reeves).
The Allied Farmers received the second distribution overnight that conveys the message to further the decrease the debt position of the company term below the $19.5 million target range.
The earlier distribution was successfully used to bring down the debt position in between $14.2 million to $5.4 million, of Five Mile development sale.
It is announced by the Allied Farmers to take positive step in the favour of the market till the end of this month in the matter of the debt reduction.
According to Mr. Rob Alloway, the Managing Director of Allied Farmers, a appreciative progress will be made by them to rebuilt the business and to decrease the debt in the recent scenario which will make the ultimate and proper use of the funds and enable them to take a further step ahead towards improvement.
Such type of confirmation will setup a better relation of the Allied Farmers with the Westpac and it is hoped to set an agreement between them within few days gap.
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