Appears ANZ froze all the transnational banking facilities on Friday morning (though Administrations said this was dealt with on Friday afternoon).
Given how much all the banks are owed, and that they were not happy with the way the Board acted in recent negotiations (Grant Thornton's disclosure of relevant interests on this appointment shows they were already working for the Board prior to the GSO deal being put to the banking syndicate), I wouldn't be surprised if Grant Thornton are replaced by McGrathNicol (who have worked on the company for months for the banking group so would be more up to speed with the situation than Grant Thornton) at the first meeting of creditors.
ARI Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
