The Allied Farmers have said they are going to sell another Hanover loan to fully clear all the debts with Westpac. The financial and rural firm has not disclosed the details of the asset but it added it was contained within subsidiary, Allied Farmers Investments.
Allied had signed a conditional agreement with the undeclared party and the company said in its statement to NZX that the agreement was binding and subject to only the final due legal documentation.
All the funds collected from the sale would be used to repay all the debt facilities fully with Westpac. This deal is also expected to meet other obligations with the investment group.
The outgoing managing director of the company, Rob Alloway said this move from the company was a very positive step in the restructuring plan of the company as Allied reported a loss of 77.6 million dollars for a year till the end of June.
The senior debt of the company to Westpac stood at 16.5 million dollars in the June but it was reduced to 1.65 million dollars after that as the company made a statement about the sale of its Queenstown Five Mile development.
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