Elders Limitd
(ASX:ELD) has reached a deal to extend its loan facilities and has also flagged job cuts as the group pushes forward with its plans to become an agricultural business alone.
Elders says the renewed finance facilities will run until December 31, 2014, subject to final credit approvals and documentation.
Elders says the syndicated finance facilities were structured to service the forecast requirements of the group and will include a mixture of term debt facilities worth up to $144 million, working capital and contingent facilities of up to $87 million and a debtor securitisation facility of up to $183 million.
As Elders continues with its restructure and new business model, it expects to reduce employee numbers by about 10 per cent.
Elders posted a $300 million loss in the first half of the 2013 financial year.
