credit rating downgrade, page-158

looks like a few are drinking the kool aid here.....

picking up distressed assets is an art, and most dont get it right.

first point is that cashflow from operations must cover all interest and principal, and capex can be funded without lender chucking a heap more dough at it. mbn needs a lot of $ next year for pre strip. it aint coming from cashflow, so someone needs to pony it up. any takers whilst it is burning money from current ops ?

really sad story as it is a good asset, but to much debt and not enough capital . hope iam wrong and a white knight comes out of the wood work , but can't see it.