hbos expected to block oz minerals refinancing, page-8

OZL should talk to the Citibank lead consortium of banks of News Ltd - they experienced a small bank and all their problems not wanting to continue association with News in 1989 was it...Citibank just bombed them into capitulation, so saving News Ltd's arse.

I expect all this is going on right now...problem for OZL and the other banks ensnared here is that HBOS were 'saved' by the GB Government and will now have a management of high banking rectitude and these 'hot' loans are not wanted any longer. HBOS will be happy to see the back of this and stuff the consequences. The other banks will need to show an apetite for more to stand still...that highly unlikely, so asset sales to liquidate HBOS is the only path it seems...

Selling the parts weakens the whole, so the consortium memebers have a weaker whole. Prominent hill will go first me thinks...Matarbale has exposure to the impending gold price movements, so I'd hope amangement holds that...its producing way more than Prominent Hill will I believe, not sure on that...

What a mess in 6 months, coulkd the management have realistically have seen all of this unfolding?

I guess there's a case for HBOS to use this hard balling to get the payment from the 405mn reserves...leaving it to the remaining consortia to work out how to save their 'investment'...and I expect that's their strategy...does this HBOS loan survive West Bank coming into Com Banks clutches?

JUst some musings...