Guys
Their is no way PGI can meet the balloon payment on June 30 2016. In my view this is just part 1. The loan was transferrred with no condition changes from Mac Bank to Camiff. The next step is to reduce the montly repayments and extend the loan life by at least a year. Longer if possible
As it stands all that has changed is the lender and the hedge has been cashed in. However Brian must be very confident in extending the loan or their is no point swapping lenders.
This is however a very important milestone on the way to recovery
Ann: Macquarie Bank Replaced as Financier of Las Lagunas Project, page-7
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