Embattled franchisor Retail Food Group has completed negotiations to extend its three-year debt facilities with National Australia Bank and Westpac Bank.

The $150 million credit line has been extended from its initial December 2018 maturity into two-parts, one of which matures for $100 million in January 2020 and another which matures for $50 million in December 2020.

Existing five-year facilities have also been reduced to $25 million, bringing its total senior debt facilities to $319 million.

The extensions were first flagged in a trading update before Christmas, where RFG outlined headwinds throughout its retail network leading into the second-half of the financial year.

The announcement is a spot of good news for RFG managing director Andre Nell, who has come under fire in recent weeks after several reports in Fairfax media alleged that RFG’s business model was squeezing franchisors and that there was wage underpayment within its network.

As a result, RFG’s share price plummeted from above $4 to below $2, before rallying before Christmas to its current price of $2.30.