i think it's all over, page-38

Melua

Just looking at the 1H09 result, they are cash positive (65m at the op cash line)and on ABN numbers they are generating cash (EBIT Less interest expense (depn and trading m2m being non cash))

EBIT less interest expense
FY08 A 124.7
FY09 F 56.4
FY10 F 117.8
FY11 F 127.7

This is not the profile of an insolvent company.

Unprofitable, yes. Tough, yes. Insolvent, not on these numbers. esp if ABN has the cash requirements of the debt resetting and the Carbon Permits.

f111