To be truthful I have not followed ppx for ages, I was...

To be truthful I have not followed ppx for ages, I was interested in pxupa a long time but do not hold, so my comments will be very general.

Best option is they haven't breached but are close hope mgmt can negotiate through.

If ppx have breached covenants on European debt only then the first thing to my mind is does other ppx debt have clauses in relation to ppx breaching covenants on other debt. If so then odds on administration otherwise some type of forced restructure, how with the pxupa is a job for the investment bankers.

If they can jettison the European debt and IPOs with no effect on the parent company then that would probably be the ultimate.. I'm doubtful though