CORRECTION: Allied Nationwide extends term for loan to parent

Mon, 25 Jun 2012

(corrects to identify Allied Nationwide Finance as borrower) June 25 (BusinessDesk) - Allied Nationwide Finance, in receivership has agreed to extend a $13.4 million loan to its parent Allied Farmers for a year. Meanwhile, Allied Farmers 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 Farmers on June 30, but will now be extended to June 30 next year. Allied Farmers' expected write down in the carrying value of one of t...

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