Does this mean ANZ have made bad debt provisions already for Arrium?
Are ANZ going to accept this GSO offer?
From abc online:
ANZ bank has flagged a $100 million-plus increase in its bad debt provisions over the past month due to resources sector exposures.
The ABC understands that the increase in bad debts relates largely to ANZ's loans to coal mining giant Peabody Energy and South Australian iron ore and steel producer Arrium.
The ABC reported earlier this month that US-owned Peabody Energy is likely to seek Chapter 11 bankruptcy protection in America, while Arrium is struggling to secure private and public funding to keep it afloat.
ANZ's acting chief financial officer (CFO) Graham Hodges said the bank is ensuring that investors are kept up-to-date with any change in its bad debt outlook.
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