Allied Farmers has agreed a settlement with the Inland Revenue resulting in a "confidential repayment plan" relating to a previously disclosed $4.2 million tax liability.
"As a result the Inland Revenue liquidation hearing will be discontinued," an ALF statement to NZX said.
Also, a subsidiary of ALF has now completed a bond issue, which has raised $600,000.
"Some of the proceeds of the bond issue have been used, together with proceeds of a draw down of funds from an existing funding facility with its secured lender, Crown Asset Management Limited to fund the initial instalment of the [IRD] repayment plan," ALF said.
Also as a result of the IRD agreement ALF had now agreed a "confidential settlement" with a creditor that had served a (now expired) statutory demand for an outstanding obligation plus interest totaling $540,000.
Further details regarding the bond issue are contained in a waiver notice issued through the NZX.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.