The company has also struck an agreement to have its financial covenants under its bank facilities and United States-based private placement notes waived.

Elders, formerly known as Futuris, said its financiers had agreed to give it an extension until September 30, by which time the group hoped to have in place a syndicated facility to replace its current multi-option facilities.

The group had previously said the facilities needed to be refinanced by June 30.

"The extension and covenant waiver will enable orderly completion of the refinancing exercise over the course of the coming months," chief executive Malcolm Jackman said.

Elders has forecast net debt to reach $800m by June 30, down from the $959m it held in the six months ended December 31.

The group released a profit downgrade on May 19, warning the late-breaking season in Western Australia and reduced prices for farm inputs such as fertiliser had hit its bottom line.

It has forecast a full-year loss of between $5m and $15m, compared with the year-earlier net profit of $36.4m.

The group has said it expects conditions to improve in 2010 and is comfortable with the net profit range of $43m to $73m.

Elders has been restructuring its portfolio of assets by selling down non-core holdings.

It divested its majority stake in cattle group Australian Agricultural Company earlier this year.