Allied Farmers staves off receivership
Chairman Garry Bluett told NZX Allied Nationwide Finance's (ANF) receiver agreed to extend the repayment date.
Allied Farmers has also handed over management of its remaining Hanover assets to ANF's receiver which Bluett says has "experience in dealing with finance company assets." The previously announced appointment of lawyer Graham McKenzie as a consultant "on an as required basis" on realising the Hanover assets stands, he says.
Allied Farmers has already defaulted on loans it owes ANF. It bought the Hanover assets, and those of sister company United Finance, in late 2009 when they were valued at $396 million. At December 31 last year, they had been written down to just below $110 million.
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