The Commonwealth government will introduce a "responsible lending test" to the consumer credit code next year according to sources. Under the new rules, lenders.....
The future is looking brighter for Allco Finance Group which is expected to announce today that it has secured extra breathing room from its financiers as it seeks to restructure $1.1 billion of debt. The firm originally had a March 31 deadline to refinance a senior debt facility of $900 million, but this has now been extended three times, signalling that the banks are prepared to support management's efforts to restructure and pay down debt. Allco shares jumped 28 per cent yesterday to close at $1.05.
