The total payment including interest amounting to $1,666,000 was paid on 30 July 2010.
The loan matured in July 2009 - however due to Fiji Pine’s poor cash-flow position at the time, a one year extension was taken, guaranteed by the Government.
Fiji Pine Limited Chairman, Ratu Tevita Uluilakeba Mara says their current debt level is a major concern.
He says the company was not able to service its debt repayments due to the poor business performance and negligence of previous management.
This he says resulted in significant interest penalties charged by lenders.
Mara says the company’s poor cash flow position in the past has limited their progress.
The current board and management have carried out various restructure within the company to improve business performance and to ensure the long term sustainability of the Pine industry.-Stanley Simpson, Fiji Broadcasting Corporation