re: Ann: Market Update - Sep11 Loan Amortisat... The issue...

re: Ann: Market Update - Sep11 Loan Amortisat... The issue there, jack, is that 2/3 need to agree, and GS and others, own 38.7% of the debt, meaning trhey have a blocking stake, as they hold more that 1/3, as per this, from the ANN:

Any consent to a waiver or amendment of the Amortisation Covenant requires agreement of two thirds of the Senior Syndicate. This consent may not be forthcoming because the Investor Group holds 38.7% of the senior secured debt. Taking action in terms of the consequences of an Event of Default under the Facility Agreement, including accelerating the repayment of the senior secured debt, also requires agreement of two thirds of the Senior Syndicate.
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I'm not particularly worried at this stage. The media (AFR Street Talk) reckons the senior lenders are likely to extend, after meeting last Thursday evening. I'm just awaiting the "explosive finale" (let's hope it is good for shareholders).