Hi melua,
JMHO but I think they are on the right track and their "Bankers" will continue to work with them.
Have another think on it. ;)
Cheers,
Brantley
Section from announcement:- The novation of these contracts will have a positive effect on BBP's cash flows going forward. This arises as a result of the elimination of expected future losses under the contracts.
- Ross Rolfe, CEO of BBP, said "While a further deterioration in operating performance is very disappointing, there are a number of initiatives being implemented to strengthen the company's operational earnings and cash flows going forward.
- These include the novation of the FOT onerous contracts and the recently announced disposal of AEATM,
- both of which significantly improve the company's future cash flows.
- In addition to the steps being taken to stabilise the company's operating position,
- we remain pro-actively engaged with our lenders on the longer-term work through option."
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