(5 February 2010 – Australia) The court action between UniCredit Bank AG and RHG, formerly known as RAMS, has ended with the bank not having to make any indemnity payments, according the Sydney Morning Herald newspaper.In a statement, released by RHG, the group said that all matters had been resolved commercially and the special purpose loan vehicle was also amended with the obligation on RHG to pay indemnity payments deleted.
The loan provider also said that both parties have agreed to waive the alleged loan covenant breach that triggered the court actions.
RHG also said that their net operating profit for fiscal 2010 was likely to be between A$65 million and A$75 million, compared with the previous forecast given in August of between A$55 million and A$65 million.