ANZ have lost nothing, they are still owed 50 mil which ETW reckons they can carry and be EBIT positive.
Once the debt load is reduced [ dont forget the notes will go also ] the fact is that the underlying business is looking good and making money, in spite of the high AUD.
Even though this restructure is messy, and lets hope it actually proceeds, once thru the worst things should be on the up, and a t/o would be on the cards in 6 months or so. Still worth holding for any upside surprise imo.
ETW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
