not looking good

http://www.thesheet.com/nl05_news_selected.php?act=2&selkey=7561

HBOS and SocGen making trouble for Oz Minerals and B&B
02 December 2008 6:48am

The Herald Sun and the Financial Review identify the reputedly most recalcitrant banks in drawn-out negotiations between lenders and two troubled clients, Oz Minerals and Babcock & Brown.

The Herald Sun reported that BOS International, the institutional banking arm of HBOS in Australia, was presenting the biggest obstacle to the refinancing of Oz Minerals. The mining house needs to refinance two loans for about US$540 million and yesterday extended a short trading halt in its shares to a four-week suspension.

The AFR and The Herald Sun also reported that Société Générale was resisting proposals to sign up to a $200 million short-term loan to B&B, and needed to stave off administration for the asset manager.

According to the newspaper SocGen wants one of the Australian banks to take over its share of the loan.

German bank HvB has already refused to release a deposit of around €80 million to B&B.