Allied Farmers seeks $1M in bond issue to pay tax, avoid wind-up

Sun, 08 Sep 2013

Sept. 9 (BusinessDesk) - Allied Farmers, which is recovering from its disastrous takeover of the Hanover and United Finance loan books, wants to raise up to $1 million in a bond issue to settle an outstanding tax bill and stave off threatened liquidation proceedings. The Hawera-based company’s Allied Farmers Rural subsidiary will seek at least $500,000 from a bond issue to fund a proposed repayment plan with the Inland Revenue Department, and keep the balance for working capital. The bonds will rank behind Allied Farmers’ debt to Crown Ass...

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