Ann: Update on Deleveraging Options , page-9

The main reason why AEJ has not failed is that failure would basically invalidate all its power station contracts with its customers and this was dramatically decrease the value of these assets. The banks know this and an AEJ failure would be a total disaster for them.

AEJ is worth more to the banks alive than it is dead. People need to have a little more appreciation of this.

Some sort of deal will be organised. I think it will include a very stiff rights issue.