4 Dec 2012

PGG Wrightson paid back on Crafar loans

4:28 pm on 4 December 2012

PGG Wrightson has been repaid outstanding Crafar Farms loans of about $25 million.

The company says the amount is slightly above expectations previously indicated and represents settlement of the Crafar Farms debt, subject to small residual receipts as farm cash flows are finalised.

Crafar Farms was placed into receivership in 2009 to a syndicate of lenders, including PGG Wrightson.

Following a protracted sale process, the receivers have now concluded the sale of the Crafar Farms assets and have distributed proceeds to the syndicate of lenders.

The Crafar Farms loans represent the bulk of the $29 million of outstanding loans retained by PGG Wrightson under its subsidiary PGW Rural Capital, after the sale of PGG Wrightson Finance last year.