Westpac lends a hand to the little guy

Westpac's debt arrangement for the embattled Oldfields hints towards a possible brighter future for the relationship between Australian banks and troubled business clients.

An Australian bank, Westpac, has agreed to take a major loan haircut and not put its client into liquidation. This is not a big deal but it is an amazing story and maybe it heralds a new era in banking.

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