Last week the Australian Banking Association became fed up with trying to negotiate with Linfox Armaguard. They were in discussions about a three year long bailout but ended up offering a short term funding stop gap. At the last minute the Armaguard parent company Linfox stumped up some cash to tide Armaquard over the short term.
Discussions continue but Armaguard don't want to open up their books to scrutiny. The ACCC has also given industry permission to talk amongst themselves about the future of sustainable cash distribution in Australia. ............ Mick Cronin, CEO of Armaguard said in a statement on Thursday that “Armaguard confirms it is working constructively with all its customers, including its retail customers, banks and other key stakeholders regarding both short term and long term financial solutions for the industry to remain sustainable.
