Lender runs out of patience, seeks $500k loan repayment from Allied Farmers

Mon, 11 Feb 2013

Feb. 11 (BusinessDesk) – Allied Farmers says it won’t be able to repay a $500,000 loan without support from its secured lender and may have to write off the asset it had planned to sell to make the payment. The Hawera-based company says it is “very surprised” by the statutory demand for payment of the loan plus interest of about $40,000 within 15 working days because it has been in talks with the lender to try to negotiate a timetable for repayment. Neither the lender nor the underlying asset have been identified in Allied Farmers’ statement...

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