Anything is possible, but I don't think so.
They have too many options still at their disposal.
However as they haven't acted on any of those to date & if they don't then as I said anything is possible. It would be a real shame if it did as it was & still is easily avoidable.
If their debt had been in Aussie dollars or even half of it they would be in much better shape.
They got some very poor advice from banks and I was included in one of the deal teams and said as much, but everyone else who had no idea about commodities knew better apparently.
I also advised them to hedge the gas project with Brent forwards....
How good would USD110 Brent forwards look now !
On a more positive note, page-125
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