sold my afgha today, page-3

See "2008 Annual Result Announcement and Business Update presentation" pg 6

2009 will be a year of continued restructuring.
– Business remains in a fragile position and the continued market weakness making the task difficult.

...
Proceeds of asset sales will reduce debt and continue to fund business operations.

***Does this mean Allco needs to sell assets in a buyer's market to pay normal outgoings?
***Is it really cash flow positive?

...
Significant cost reductions targeted.
– Operating expenses to halve from $330m in 2008 to less than $165m in 2009.

They are targeting cost reductions in one year equal to more than 5 x interest due on notes. What if cost reductions fall short?

If this is not a company that is likely to capitalise interest on its notes, I don't know what is.

Market price agrees with me.

Best of luck to holders.