how odd is this trading, page-10

I suspect that the liquidity crisis is not a good time to be putting your hand out for $50m in the credit world. I would also be VERY suprised if they get that sort of funding without the bank insisting on some form of hedging as collateral.

I, for one, would prefer to see some sort of conventional debt arrangement in place but the TERM of the loan will be CRITICAL to the agreement. It needs to be 3 years at least (5 would be better). Any shorter than that and they run the risk of not being able to roll over and the credit being called in (PARTICULARLY in this climate) ... they could be smack bang in the middle of development and that could send it all off the rails.

I'm sure management are on to this (aren't they??). I am in the creidt business ... money is T-I-G-H-T. Nobody wants to lend (why do you think MFS, ABC, Citi Pacific, Centro et al ran into so much trouble). Believe me, an understanding of this is CRITICAL.