Loulou,
The real estate might just be sold, NZD debt shrink with rising NZD, and management just tough it out. The sp rebounds just as with PGW.
That might be a bit of a fairytale ending, but on the otherhand it looks like NPX botched things a bit, so might be being too hasty to draw too tight a comparison.
Time for NZ to learn to take a NZ Inc approach imho, instead of kicking your compatriots when down. These guys are victims of the financial markets, not perpetrators.
Unfortunately the few companies that are allowed to survive in NZ ownership, are only allowed to do so be being milked for high dividends, and thereby either starved of capital for growth and/or forced into debt.
EL
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