Allied Farmers faces default as lender calls in $500k loan

Mon, 08 Oct 2012

By Paul McBeth Oct. 8 (BusinessDesk) - Allied Farmers faces default on a repayment after a lender called in a $500,000 loan just hours after the company lodged annual accounts with the NZX in which the auditor, PwC, refused to give any opinion on their validity. The Hawera-based company has asked for more time to repay the loan, which was scheduled to be repaid from an asset sale in November, it said in a statement. As at June 30, Allied Farmers had some $2.1 million in cash and equivalents and carried bank debt of $1.8 million and borrowing...

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