Just in todays SMH.com - looks like Gunns now has the backing of...

Just in todays SMH.com - looks like Gunns now has the backing of institutional backers for the $400 mill they needed.
Could this be what saves the company??

http://www.smh.com.au/business/gunns-400m-recapitalisation-puts-mill-on-line-20120504-1y460.html


GUNNS has pulled back from the brink after a two-month suspension from the stock exchange. The Tasmanian forestry company is believed to have won the backing of institutional shareholders for a $400 million-plus recapitalisation, which will allow it to pay down debt, realise the value of its plantation estate and develop its controversial pulp mill without an equity partner.

One fund manager who is substantial in the stock, speaking off the record, said Gunns's main problem had been its stretched balance sheet, and there was ''huge value in the company'' not reflected in its share price.