National Australia Bank (NAB) has written off more than A$54 million owed to it by Cann Group as the grower heralded a refinancing deal with its key lender as a “major step forward” in strengthening its balance sheet.
After months of negotiations, NAB has accepted $15.3m of the $70m it is owed, resulting in a “debt forgiveness” of $54.6m.
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Someone at NAB must surely be getting fired over granting this loan….