Hellaby cuts more than a third of its core bank debt

Hellaby cuts more than a third of its core bank debt

More than a third of its core bank debt has been wiped out by investment group Hellaby Holdings over the past six months, thus reducing it by $20 million more than expected.

A drop by 36% was seen in the core bank debt at the company between the start of the year and the end of June, plunging from $80 million to $51 million.

It was revealed by Hellaby in February that it expected to decrease the figure to $70 million by June.

According to Managing director John Williamson, there were no acquisitions or divestments during the year to 30 June, 2009. He also said that during the past year, Hellaby's balance sheet and free cash flows have been significantly strengthened by the ongoing working capital improvements.

He continued: "This has resulted in substantially lower inventories and improved collections across our businesses."

As of now, the core debt is well under half the level it reached at the start of 2008, when the company owed $118.5 million.

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