Published 1 November 2010
Irongate Property Ltd said on Friday it had obtained funding waivers from Westpac NZ Ltd for a non-payment under its facilities with the bank. Irongate said earlier in October it recently extended one of its Westpac facilities to 31 December. As a condition of this extension, Irongate was required to make a $1.5 million repayment to Westpac on 14 October. Due to a delay in documenting a further funding line with TEA Custodians (Bluestone) Ltd, Irongate had not made this repayment and, as a result, was in breach of its facility agreement with Westpac. The non-payment also resulted in Irongate being in breach of its trust deed. Irongate chairman Kevin Podmore said the repayment was now due to be made on Monday 29 November. Irongate also announced that John Gosney had been appointed to the board as an alternate director for Mr Podmore.
20 October 2010: Irongate seeks waivers for breach
6 October 2010: Bluestone negotiates to buy Irongate management
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.