By Andrew Starke
National Leisure and Gaming (NLG) has concluded a deal with National Australia Bank that will see up to $40 million of its debt written off.
NLG had been in negotiations with Bank of New Zealand Australia, a business division of NAB, in a bid by the pub group to restructure its existing finance facilities.
In a statement to the Australian Stock Exchange this afternoon (Aug 24), NLG said: “Under the terms of the agreement, NAB has agreed to forgive $40 million of NLG debt and deferred interest payments. These arrangements will be taken to be effective from 30 June 2010.”
NLG director, Andrew Jolliffe said the announcement was both positive news and a reflection of NLG’s recent solid trading performance.