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- Release Date: 04/03/13 12:00
- Summary: GENERAL: ALF: Loan Enforcement Update
- Price Sensitive: No
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ALF
04/03/2013 10:00
GENERAL
REL: 1000 HRS Allied Farmers Limited
GENERAL: ALF: Loan Enforcement Update
[email protected]
4 March 2013
Loan Enforcement Update
On 11 February 2013 Allied Farmers Limited (ALF) announced that a creditor
(the Creditor) had served a statutory demand on ALF and its wholly owned
subsidiary, Allied Farmers Investments Limited (AFIL), for payment of an
outstanding obligation plus interest accrued thereon (being a total of
$540,000) within 15 working days (the Demand).
The 15 working day period expires today. The obligation subject of the Demand
is secured over an AFIL loan asset that is in default. ALF/AFIL had intended
to use the proceeds of the loan asset to repay the Creditor, but because of
the underlying default, has not been able to do so. Allied is continuing to
work with various parties (including ALF's secured lender, Crown Asset
Management Limited) on a repayment proposal that will be acceptable to the
Creditor. The Creditor has said that in the absence of an acceptable
arrangement, it may shortly move to the next step. The next step would be
applying for orders appointing liquidators to ALF and AFIL.
Allied is hopeful that a proposal can be agreed prior to the Lender moving to
the next step, and will update the market further as the matter progresses.
End CA:00233714 For:ALF Type:GENERAL Time:2013-03-04 10:00:05
