PNA 0.00% $1.84 panaust limited

JXSCUL, you are right they have said that they are talking to...

  1. 237 Posts.
    JXSCUL, you are right they have said that they are talking to other banks about refinancing in a press release but they preceeded that statement by saying that all is right with GSJBW. A bit of having your cake and eating it too.

    You are right that they are in a poor position but remember that we have not seen the docs any of us and we don't know how the structure is set. If they are forced into a refi period after Mar 9th (that is the date according to an annual report) then there will most likely be a step up in interest rate as incentive to refi. After that it is anybodies guess. Remember GS JBW got virtually nothing for this facility as their $5mil options are about as underwater as a rock in the Marianas Trench. Maybe they will extend for 6 months but only with security. Then six months down the road, or if PNA goes under, they can be protected. That is what I would at least negotiate. But I am just a rube on HC so what do I know.

    The other option is pay back say $40m, secure the remaining and go out six months. Win, Win - say PNA do you need a negotiator?
 
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