No disagree...they could have forced them to raise capital rather than delay bank repayment.
I can tell you for a fact that management had a $25mil Note Raising ready to roll when the bank came to the party and agreed to extend the terms and reduce the repayments required in 2008.
This to me shows confidence in the business and management.
Remember the $16mil in retrenchments were effectively bank funded by the banks rolling over the terms.
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