Bernard Hickey talks with Marcus Lush on Radio Live
16th Mar 09, 11:09am
Some good news for Fisher and Paykel. It has signed an interim loan facility with its banks for NZ$80 mln and has negotiated waivers of certain loan covenants that could have allowed the banks to put it into receivership. Fisher and Paykel will still need to restructure and is trying to sell its East Tamaki factory so it can lease it back. Sir Anthony O'Reilly has announced he will retire as chief executive of Independent News & Media, the largest shareholder in Herald publisher APN News & Media. Sir Anthony, who has been involved with INM for 36 years, said he would retire on May 7, his 73rd birthday. Sir Anthony is the company's largest shareholder, with a 28.6 per cent stake. The story here is what happens to that stake. The Radio Network is now under pressure from two owners with big debts that want to get out.