News

Allied Farmers to write Matarangi loan down to zero

Wednesday 10th of August 2011

The Matarangi loan was among those Allied Farmers acquired in Hanover's debt-for-equity swap in late 2009 which saw Hanover's debenture holders become Allied shareholders. The loan was valued at $45.8 million in Hanover's June 30, 2009 financial statements.

Allied says Matarangi's receivers have advised Matarangi's first secured creditor, HSBC, will incur a significant loss, leaving noth...

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