adelaide equities - failure, page-11

I sold late last week, half a cent down from my entry mainly because of the commentary (below) a few months ago. With the Eurozone in crisis things will only get more difficult for MMK to take out Flinders. High risk game now!

MMK was asked to identify its principal lenders, but refuses. A resume of loan announcements discloses that the international banks exposed to MMK include Societe Generale ($1.5 billion); Royal Bank of Scotland, Deutsche Bank and ING (€365m); Nordea ($80m); and Bank of Moscow ($100m). According to the bank source, there seems to be concern that by taking the loan from Gazprombank, MMK would breach its required debt to Ebitda ratio limit of 3.5.