Ann: Update on Deleveraging Options , page-6

The most telling point:

"The financial knife-edge follows a failed process in recent weeks to sell the company. Takeover offers from Middle Eastern investment firms made last weekend fell drastically short of Alinta's liabilities...

These bids, from Saudi Arabian investor ACWA Power International and Bahrain-based Arcapita, were understood to be about $1.5bn and $1.85bn, respectively, substantially below the value of debts."

As a result, it would appear the TPG is in the drivers seat.

As for Stankley derailing the process, it would appear unlikely with them owning just $70m or 3% of total debt but as the AFR has confirmed, they are threatening legal action over the variation of the agreement (last year) which changed the approval requirement of debt holders from 100% to 60%...on what basis? Who knows but this could get ulgy!

DYOR