martarbe, page-22

Honestly, if the banks were going to force OZL into Admin then why did they provide them with a further 140m loan to keep the operations going. It doesn't make sense. The banks know the future value of what will come out of PH and will approve the Refi based on that IMO.

See the comment from Matthew Foran below:-

Sydney Morning Herald 'Zero hour looms as OZ writes off $2.8b' by Clancy Yeates - 14/2/09.


A spokesman for OZ, Matthew Foran, said the negotiations with its bankers were "ongoing and constructive" but the write-downs were not a key concern for the banks. "The board felt that they needed to disclose at least the possibility of the impairment write-down," Mr Foran said.

"From the banks' perspective, they are interested in cash and cashflow. The impairment charges are largely the result of accounting standards."