article from crikey, page-16

Baron,

I think that most of us assumed that enough progress would be made so that there would be an automatic SEPT extension.

The announcement had to be made as it seems the banks have said, sorry but there is no extension as the progress is insufficient.

As soon as that was known, an announcement had to be made.

The negotiation now is completely different. There is no longer a short term option as I read it. They have to agree a long term plan now! It seems that the only long term plan now is to go for a debt to equity swap.

Its a new ball game and as such CNP had no choice but to tell everyone.