Australia’s Armaguard secures funding from parent, rejects rescue deal

Australia's money transit provider Armaguard said on Thursday it had secured the funding needed to avoid insolvency from parent firm Linfox, easing concerns among top supermarket chains and banks about cash shortages over the Easter weekend. Owned by billionaire businessman Lindsay Fox, Armaguard Group, had been in talks with major banks and retailers including Coles Group and Woolworths to secure a last-minute, short-term funding deal that would keep its banknote distribution services functioning. But after Linfox stepped in, Armaguard said it had rejected that deal.