message from swap...

Here is a brief email message from swap's phone, who is still on holidays until this evening:-
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Hi. Still on holiday. Back tonight. Typing on phone.

1. We have an update! Thank goodness. Good on them for doing it.

2. We have offers for recapitalization. That fact alone is positive. If things were that dire, the banks would have forced acceptance regardless but they didn't. Continues the theme of 'lenders working with us'.

3. I would say debt extension would be granted. I like the idea of debt to equity / hybrid swap even if it diluted existing holders. It would get the lenders on board via equity and reduce debt.

4. Centro ain't bust and don't look like they are going to be either. Things don't seem as bad as the market and media are saying and Friday will probably prove this to everyone.

5. Pleased about the asset sales. This is NO WAY a fire sale or else 9 months in everything would have been flogged at a discount. It's an orderly process.

Can't wait for Friday to hear more.

Feel free to post this on HC if you can.


Ends.
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I will add some more to this thread after I make a few phone calls today!

Now - about that cuppa...!

Cheers, Pie :)