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News Breaks | | | | November 2, 2012 | | 06:47 EDT |  | GRO | Agria, New Zealand Bank in agreement facilitating repayment to LIC
Agria announced that it has reached agreement with New Zealand bank, a senior creditor, that paves way for Agria to repay a junior subordinated $8.2M loan granted by a strategic partner, Livestock Improvement Corp. , or LIC, to Agria. Under the arrangement with the New Zealand bank, the subordination arrangement was resolved, whereby, Agria will repay LIC an amount equal to not less than 50% of the loan extended by LIC on Dec. 19, with an equivalent amount being paid to the senior creditor. The balance due to LIC will be paid in March 2014, a date after maturity of a new facility agreed to be provided by the New Zealand bank. The financing was originally part of Agria Singapore Pte Ltd.'s previously announced partial takeover in 2011 of New Zealand-based PGG Wrightson, with the strategic view to enable LIC to participate in an opportunity for investment in the Agri-tech business of PGG Wrightson. | |
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News For GRO From The Last 14 Days Check below for free stories on GRO the last two weeks. |
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| May 16, 2013 | | 08:36 EDT | | GRO | Agria renews co-operation agreement with Beijing Academy of Agriculture
Agria Corporation announced that Shenzhen NKY Seeds, a wholly-owned subsidiary of Agria, focused on edible corn seed business development has renewed its ten-year co-operation agreement with the Beijing Academy of Agriculture and Forestry Sciences, or BAAFS, to co-operate in the cultivation, demonstration, promotion and commercialization of new strains of edible corn seeds. Agria signed its first five-year co-operation agreement with BAAFS in 2008. Under this renewal agreement, BAAFS will continue to provide technology and research support for Agria in developing and breeding new strains of edible corn seeds through the year 2022. | | | May 14, 2013 | | 16:43 EDT | | GRO | Agria New Zealand unit sees FY13 EBITDA NZ$48M - NZ$40M
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