capital raising , page-6

Lets not forget that GSJBW are not in a particularly strong position here. Yes, they might be trying to apply pressure to get the money paid back. But why wouldn't they in this environment. The key issue is whether they actually have the leverage to make it happen - i.e. can they insist on repayment and then forclose on them and sell assets to get their money back.

The reality is, they probably can't.

They will likely insist that PNA try and refinance elsewhere (and the company would be stupid if they are not testing the market on this front anyway as a matter of good practice).

So if PNA can't refinance with someone else, GSJBW are likely to find themselves in a position where they can either pull the pin on PNA and almost certainly get nothing if their assets are sold in a fire sale (the project finance will be repaid first) or support the company with a view to working through this difficult time and recouping their money when the market turns.

This is a very different situation to OZL's. PNA has tried to highlight that to the market, but it seems noone is listening.