An almost five-year-old dispute between Westpac Banking Corporation
(ASX:WBC) and acquisition company Corum Group
(ASX:COO) has been settled.
Corum says it will pay Westpac $1.2 million as a final settlement of its obligations under a loan facility agreement on January 24, 2007.
In turn, Westpac is expected to discharge the fixed and floating charge it holds over Corum’s assets.
In April 2010, Corum paid Westpac $375,000 in full satisfaction of the senior debt facility.
In a statement, Corum said the funds required to settle these amounts have been generated from its operations.
Westpac reported a net profit of $7.1 billion in the 2011 financial year.
