Finance company and rural services group Allied Farmers has announced it has agreed a further extension of its NZ$19 million worth of loan facilities with Westpac until the end of March next year.
Allied announced on July 1 an initial extension of a facility expiring on June 30 until September 24 this year.
"The earlier extension was granted to enable both Allied Farmers and Westpac time to consider a number of debt retirement and restructuring initiatives that would have a positive impact for our company,” said Allied Managing Director Rob Alloway\
These initiatives had not been completed, but Allied had reached a point where Westpac was able to extend its loan, Alloway said.
“We are pleased that Westpac has signaled its confidence in the yet to be completed initiatives by providing the extension of the facility term. We share their confidence, and look forward to announcing and implementing these initiatives to our shareholders and wider stakeholders when they are completed."