Allied sells loan assets
Allied Farmers lives to see another day with an agreement to sell loan assets with “nil book value” to a confidential third party.
Tuesday, March 5th 2013, 4:15PM
“The consideration for the Loan Asset Sale will result in an immediate net payment to Allied of $100,000 and possibly up to a further $500,000 dependent on outcomes unknown at this time. Net payments received will be used to reduce debt,” the company said.
Allied is scrambling to stave off liquidation.
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