Cavalier to trim a further $9.5 mln from debt with sale of Sydney property

Sun, 13 Sep 2015

By Paul McBeth Sept. 14 (BusinessDesk) - Cavalier Corp, the unprofitable carpet maker selling assets and restructuring its business, expects to lop a further $9.5 million from its outstanding debt after finding a buyer for its Sydney warehouse and office space. The Auckland-based company reached an agreement to sell the property, with settlement expected near the end of next month, it said in a statement. The net proceeds of the sale, which it expects will be about $9.5 million after accounting for Australia's capital gains tax, will go...

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