SGH bear is dead and burried, page-416

Not sure about the pre-arranged administration piece being a leak. It was an opinion of one option available to the lenders and putting it simply it was always an option available. It was an option in April/May last year when things were worse in cash flow terms , yet the banks entered into a new agreement announced May 2nd last year. I think you give the article too much credence by intimating that it was a leak from the lending syndicate. We have no idea of the amendments proposed in the announcement 28th Dec.