alas I think it would be too late. Gunns have been way to slow to reduce debt whilst they pursued the goal of the mill. If they gave up the mill for now and focused on their existing operations they would need $200m to pay down some of the debt and perhaps they could then sell 50% of the plantations to reduce debt by another $150-200m.....then they could survive to fight another day.
As it stands now thye are trying to raise money with Europe sinking by the day for a mill which not too many people believe in anymore......
It just doesnt add up and the blame can be laid squarely on management. They had the time to stop this but didnt use it...and alas I think it might be terminal......
will the accounts for June 30 be signed off on? Maybe that is the question they are asking internally as well as at the banks....
sorry I cant bring better news....
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