In AUZ's 3-Jan-19 announcement, SKI and AUZ have mutually agreed...

In AUZ's 3-Jan-19 announcement, SKI and AUZ have mutually agreed to extend the financing deadline to 19-Sep-19, which is an extension to accommodate NAIF's due diligence and allow finalisation of financing discussions with other Tier 1 lenders who have expressed an interest in providing debt funding for Sconi.

In today's announcement, the financing deadline has only been extended by 11 days to 30-Sep-19. Delays in negotiations are commonplace and if you were AUZ, you would not agree to only an 11 day extension on something so material if you didn't have visibility on getting the financing documentation in place by then.

I am in the project finance sector and I do know that there isn't much going on. Putting NAIF aside, there are lots of cheap credit from global banks available and 7-8 weeks is long enough to complete a financing deal if you have the due diligence reports done. I mean CLQ has US$500m of debt commitments from NAB, ICBC, SocGen and Natixis with 20% offtake from a chinese party. With a 100% blue-chip offtake from SKI (with investment grade ratings of BBB+/Baa1), banks will be throwing money at this.