EyesOfAChild,
You're right - I was being a bit simplistic. AFG overstretched - the powerstation deal was the one that broke the camel's back - and are paying the price. However, I still think the clause on the 900m is central to most things. If that had not been activated AFG would be in control of the restructuring rather than the banks and that would probably be better for shareholders / noteholders.
Bear in mind a lot of the long term debt will be secured against assets and will be repaid when they are sold and also I suspect most of the long term debt is at relatively cheap rates.
So not all good but not all bad either. Defo worth a drink in November!
EyesOfAChild,You're right - I was being a bit simplistic. AFG...
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