kml debt, page-2

Effectively yes but it also means that GBG is only entitled to 38% of revenue and earnings assuming that occurs. So while KML is loosing money GBG is financially better off owning less of KML but when they become profitable, it is better that they own more. IMO long term I believe that GBG would be better off owning 50% and refinancing the new debt rather than losing 12% to Ansteel but that is another topic. sdo