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- Release Date: 03/12/12 10:46
- Summary: GENERAL: PGW: Crafar Farms Loan Repaid
- Price Sensitive: No
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PGW
03/12/2012 08:46
GENERAL
REL: 0846 HRS PGG Wrightson Limited
GENERAL: PGW: Crafar Farms Loan Repaid
PGG Wrightson has today received repayment of the outstanding Crafar Farms
loans of approximately $25 million. The amount is slightly above
expectations previously indicated and represents settlement of the Crafar
Farms debt, subject to small residual receipts as farm cash flows are
finalised.
Crafar Farms was placed into receivership in 2009 to a syndicate of lenders,
including PGG Wrightson. Following a protracted sale process the receivers
have now concluded the sale of the Crafar Farms assets and have distributed
proceeds to the syndicate of lenders.
The Crafar Farms loans represent the bulk of the $29 million of outstanding
loans retained by PGG Wrightson under its subsidiary PGW Rural Capital,
following the sale of PGG Wrightson Finance last year.
For additional information contact:
Julian Daly, General Counsel & Company Secretary | +64 27 553 3373
End CA:00230563 For:PGW Type:GENERAL Time:2012-12-03 08:46:46
