article from crikey, page-12

Baron,

Its worth re-reading the announcement.

Its clear that so called progress is NOT sufficient and wont be by Dec 15th.

Its also clear that extensions expire on the 30th Sept for part of the debt and the conditions have not been met for automatic extension out to Dec 15th.

The Sept 30th debt is being negotiated now. There is no assurance that any extension beyond Sept 30th will be achieved.

They feel that the only viable option is to convert some debt to equity. If the banks accept that, then there will be a shareholder dilution. Why would the banks go easy on management and shareholders? The banks, if they go for such a deal, will drive a hard bargain.

The announcement is one which says that they have failed with the plan that has been running all year!