Allied secures further extension

Allied Farmers managing director Rob Alloway. Photo / Dean Purcell

Troubled finance and rural business Allied Farmers has pushed out negotiations with its banker Westpac to next year.

The company said today it had negotiated a further extension to its banking arrangements, as it continued to negotiate and develop several restructuring initiatives.

Allied managing director Rob Alloway said an earlier extension to September 24, announced to the NZX on July 1, had now been pushed out to March 31 next year.

The earlier extension was granted to allow both parties time to consider a number of debt retirement and restructuring initiatives.

Alloway said: "while these initiatives remain incomplete, Allied had reached a point whereby Westpac was able to extend its facility".

The bank's agreement to the extension of the facility term, signalled confidence in the yet to be completed initiatives, Alloway said.

"We share their confidence, and look forward to announcing and implementing these initiatives to our shareholders and wider stakeholders when they are completed."

- NZ HERALD