Yes, thanks sgoni, they will be in default of their interest...

Yes, thanks sgoni, they will be in default of their interest cover debt covenent if asset sales not completed by end 2008. What will this mean?

Is there a "period of negotiation" between the banks involved and PPX regards the impact and settlement regarding the interest cover? Does this automatically mean no interest payment on PXUPA? Does this simply mean an increase on the banking fascility interest rate being charged as penalty?...... must make some phone calls.

Still looks oversold if it simply means postponing 6-12 months of interest payments while sales are concluded to then have all arrears paid in catch-up. If things were really dire regards company solvency and long-term suspension of dividends for PPX holders I would have thought the liquid and shortable PPX heads would have been smashed as well today.

I have decided that I am really a speculator not an investor but don't tell my wife.

goodluck