My best GUESS -
The fortress loan was probably taken out when MFS was putting together its NZ assets in early 2007. The annual report list NZ as $145M in assets held for sale. The fortress loan would be secured against those assets. When both the Stella sale in Nov and NZ sale in Dec were cancelled (or put off for 12 months in the case of NZ) MFS found itself in trouble.
MFS
mfs limited
