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Fosters facing A$21m loss

Fosters Brewing Group said it will post an abnormal loss of A$21m for the year to June 1995 due to the refinancing of UK-based Phoenix Inns.

The company said in a statement to the Australian Stock Exchange: "Phoenix was funded by bank finance guaranteed by (Fosters) and GrandMet. The refinancing of Phoenix by Nomura has released Fosters from that guarantee,"

The guarantees were provided for the funding of Phoenix Inns, when it acquired 1,750 "free of tie" pubs in January from Foster's Inntrepreneur Estates venture with Grand Metropolitan, the company said.