looks like downgrade/writeoff and rights issue, page-4

This article was written in the Age yesterday and was posted on the MAH thread.

http://www.theage.com.au/business/macmahon-in-spotlight-as-wal-king-takes-ausdrill-seat-20110406-1d3ov.html

I quote the last paragraph..

"Meanwhile, Leighton is staring down the barrel of a series of problems that it has to deal with, including the Victorian desalination plant, Airport Link in Brisbane, issues in the Middle East and an overdue payment for a part sale of a stake in its Indian business. In the case of the desalination plant the talk is it is between six and 12 months overdue, with cost over-runs and big financial penalties looming."