Interesting. I just spent an hour on the phone with someone in Canada who is involved in funding projects and he said that even the best project in the world is having trouble getting through the bank credit depts.
So, here is the question: If they are so confident about GSJBW, then why are they talking to a number of other banks? To me that means that GSJBW has said, "We want out", do whatever you can to get us out (note that the 5mil of options is significantly underwater) and if you absolutely cannot, then we can talk in February.
So desperation is setting in. No one seems to realise that no matter how good the project, liquidity is liquidity. Did anyone see that GS just posted a $2bil loss yesterday? That feeds through to the locals, i.e. conserve capital, get your funding lines in order.
No, the article is clearly a sign that they are being dumped by GSJBW and are trying to refi. At least they are looking now.
PNA Price at posting:
12.8¢ Sentiment: LT Buy Disclosure: Not Held
