Ann: Sales Process Update , page-31

The reductions in interest rates we've had and still likely to get should seriously benefit a highly geared Elders. I fear the credit card type margins the banks must be charging must detract from that. With just a little additional equity you would think Elders could refinance in US junk bond market more competitively.

Perhaps they could issue a convertible , junior to the banks, senior to the hybrids, that would replace enough bank debt to satisfy banks. Probably would be cheaper finance than existing loans..