"In your scenario, the banks must have thought S&G didn't have enough cash to pay the total arrangement"
Not true and don't even know how you misconstrued that. I actually wrote "I think the banks are feeling more confident they will be paid back with interest" http://hotcopper.com.au/posts/19428398/single
SGH Price at posting:
38.0¢ Sentiment: Hold Disclosure: Held