Embattled accessories retailer Oroton has been granted a six month extension of a $35 million finance package.
Banking partner Westpac and Oroton former director Will Vicars, who retains a 18.2% stake in the retailer, have agreed on a put and call arrangement.
The agreement extends the maturity date of the debt by six months to October, 2018.
The call option enables Vicars, through Vicars Entities, to purchase all of the Westpac debt at any time until one month after April 16, 2018.
The put option allows Westpac to transfer a $20 million working capital component of the facility to Vicars if there is a default.
Oroton confirmed it had engaged in numerous conversations with substantial shareholders around alternative finance options.
The company revealed while it is not party to the put and call deal, it was involved in facilitating the arrangement.