Allied Nationwide Finance says it has missed a payment to investors and wants more time to remedy breaches of its trust deed.
Earlier this month, Allied Nationwide Finance's trustee, Guardian Trust, said it believed the company had broken one of its Trust Deed's financial ratios, and gave it until Thursday to remedy the situation.
In a statement issued on Friday, Allied Nationwide Finance says it continued to meet all its financial obligations until Thursday, when it did not pay debenture maturities that were due.
The company says it expects to make the payments on Friday and wants its trustee to agree to a short extension to the deadline.
Allied Nationwide has been in talks with its parent, Allied Farmers, to inject more capital into the lender.
Allied Nationwide is a subsidiary of Allied Farmers, which bought Hanover and United Finance's assets for almost $400 million in December.