17 Sep 2010

Bank debt further lowered by Allied Farmers

10:01 am on 17 September 2010

Allied Farmers has reduced its bank debt with Westpac to $1.65 million, after receiving another tranche of money it was owed following a dispute over a property in the United States.

Managing director Rob Alloway says another $7 million is due before the end of the year, after the remaining condominiums in the Beverly Hills development are sold.

The rural services company has reduced its debt with Westpac by more than 90% since the beginning of the year.

Allied Farmers says it expects to make further positive announcements regarding its debt and banking before the end of the month.