what is pna's real vaule, page-13

Paul, you are probably right about the interest rates as the GSJBW was at Libor +4.5% so right now that is about 6.7%. There will be other fees and charges so 7% is probably about right. I have to say that is mighty good for them.

See my post for some more stuff: http://www.hotcopper.com.au/post_single.asp?fid=1&tid=787886&msgid=4372354#3550428

GXB, I wish I could agree but I think they will have already signaled their desire to get out. What the docs say maybe that 90 days from the termination date PNA can request an extension/rollover and then 30 days from the termination date GSJBW will have to either agree or decline. So the timeframe I imagine is this:

October - Over lunch GSJBW notes that they are getting signals that they will become cash constrained and hope that PNA is looking at refinancing options if that were to become necessary.

9 Dec - PNA formally requests an extension
9 Feb - GSJBW formally declines
10 Feb - PNA informs ASX assuring the market that they have 30+90 to refi
9 Jun - GSJBW formally calls. What happens after that is in paragraph X.x entitled "Consequences of Events of Default"

I have no idea but that is just my random thoughts for what they are worth.