Allied Farmers wears more post-Hanover cost and delay

Mon, 25 Jun 2012

June 25 (BusinessDesk) - Allied Farmers has agreed to extend a $13.4 million loan to its failed finance arm for a year, and expects to write off a further $1.8 million on the value of property inherited from the collapsed Hanover Finance group. The secured loan was due for repayment by Allied National Finance, now in receivership, on June 30, but will now be extended to June 30 next year, Allied Farmers announced to the NZX this afternoon. Its expected write-down in the carrying value of one of the ex-Hanover property loans owned by Allied Fa...

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