This from the business spectator, the re-cap deal was just about...

This from the business spectator, the re-cap deal was just about there, understand the $20 mill irregularity didn't help negog, however a deal should have been struck, instead employees, large holders, etc... all suffer, please read below paragraph -

“It is a salutary warning to any company that encourages a culture of hiding bad news and making acquisitions without proper due diligence, the acting chief executive Bill Wild said yesterday. In the case of Hastie, if it wasn't for the discovery last week that at least one senior executive had conspired to falsify the accounts to the tune of $20 million, Hastie might have survived. Earlier in the week, two private equity operators, one believed to be KKR, had planned to buy $260 million of debt from the banks at a substantial discount. They had also planned to acquire $243 million of bank guarantees in return for a fee from the banks. It would have resulted in the banks taking a big haircut on the loans but all seven were believed to be in favour of doing it. This, coupled with a plan to sell some businesses and take the knife to group overheads would have saved the company. But Wild said when news of the accounting irregularities came out, one of the investors pulled out, the other changed some of the terms and some of the banks became nervous.”