Why would the banks prefer admin when distressed asset sales would lower the market value of mining assets and cause even more balance sheet pressure on all their other oustanding loans?So far the banks have been at pains to avoid this and I would see the only reason for them not to grant an extention of the loans would be if they felt confident that the deal would not proceed.The completion of the due diligence yesterday suggests that so far this deal is going along smoothly.Surely it would be prudent for them to grant an extention until the takeover outcome was resolved with some certainty.To pull the pin now would be just plain nasty,to the same degree as this type of journalism.
OZL Price at posting:
$5.85 Sentiment: Hold Disclosure: Held
