Allco About To Move On To Reprieve No. 4
The Age
Friday May 30, 2008
DIFFICULTIES in finalising Allco Finance Group's deal with its banks to extend $250 million in short-term funding means the company is likely to gain another extension on its refinancing negotiations.
It is believed that the syndicate of banks, which has already extended the deadline to settle the loan terms three times, is prepared to extend negotiations for a fourth time after today's deadline. The syndicate includes Westpac, Commonwealth Bank and ABN Amro.Apparently the sticking point in the talks has been agreeing to the terms of the short-term financing, which was originally due to be repaid or refinanced by May 1.But it is believed that Ferrier Hodgson, employed by the banks, has given the banks confidence in Allco's business plan, which includes a bank-imposed condition to reduce its debts to $400 million by September 2009. -- STUART WASHINGTON
© 2008 The AgeNews Archive
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