CIMIC-controlled property developer Devine gets lifeline from ANZ

CIMIC-controlled residential developer Devine Limited has kicked the can on its financing arrangements with the Australia and New Zealand Banking Group two days before it is due to release financial results.

The developer also informed the market of the strict recourse ANZ would have if the company breaches its banking covenants, but even two days out from its results is unable to say whether it had in fact breached covenants.