Hi Cato, I agree to most of your comments below...especially,...

Hi Cato,

I agree to most of your comments below...especially, about the CEO - but the board must decide hereon.

I believe the storm has calmed...SGH must be very confident, that the plan they are working on will be accepted by the banks by end April 2016.

If banks have concluded provisions are necessary, then these will already have been booked in their balance sheets, if SGH is considered a bad credit. McGrath/Nicol (sorry if the name is incorrect) was probably appointed with 2 main tasks: to provide a 2nd opinion on changes to accounting practices and going through the books and to provide opinion on likely outcome of insolvency administration, which was probably an opinion not supporting such action from a recovery perspective.

Clearly, SGH/SGS needs to stop (or at least limit) investing further resources in the NIHL portfolio, as it is draining the cash flow...the big question is, if there is any contractual obligations to continue works on this portfolio taken over.