Ann: Credit rating change (S&P), page-62

I still think the best chance for QIN is in the opposing groups that all want or need a piece of the company.

With SGH, it was basically just the senior lenders (one main player in that lot) who called the shots.

With QIN you have a bunch of interest groups that have a stake besides the secured creditors, including the bond holder, large institutional investors, potential product buyers and even a past CEO who has stated he wishes to control the company in combination with another, large entity.

Whilst the secured creditors have direct power, alternative cap and refinance arrangements that effectively sideline these creditors may be a better option for any one of the other interest groups.

SGH's recap was announcenced with so little fanfare, and because there is so little institutional interest, I think the market today had no idea how to react, thus the quick bounce, steady fall and relatively muted response generally.

IF QIN gets to come out of suspension, I would expect quite the opposite. Chaos, either up or down.

It's certainly not looking promising, but the delay would indicate a glimmer of hope. The early into the new financial year an announcement is made, the better its chances IMO.

Milesy