The banks only care about getting their money back. Each day SGH is losing money (remember it was cashflow negative before the H1 results came out and the bleeding would have only got worse since then). On top of this the unsecured creditors have started demanding cash up front so the little working capital SGH has is trying to bolt for the door. The banks will not let this happen.
Really the board should have called in the receivers last week, but apart from Rhonda they seem happy to let this fiasco continue for a few more weeks. We can only speculate why.
SGH Price at posting:
6.9¢ Sentiment: None Disclosure: Not Held
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