Struggling Australian egg marketer Farm Pride is under pressure to restructure its operations after breaching one of its loan agreements.
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The company, which has suffered under the growing demand for free-range products, said it had received notice from its bankers relating to a breach of one of its lending covenants.
In a filing to the ASX yesterday (12 January), Farm Pride said it is in talks with its bankers and in the process of “finalising details” relating to a new business finance agreement on existing terms and conditions.
“Given the tenor of recent discussions there is no reason to believe a new agreement will not be finalised over the next few weeks,” the firm said.
The company added that it is operating on a “business as usual” basis whilst a new agreement is finalised.
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