Summary ============================ Facility A: US$420m (A$618m) Due for repayment in periodic instalments from Dec 31 2008.
Facility B: US$140m (A$205m) Due for repayment on Jan 31 2009.
Facility C: A$85.8m + A$70m + C$27m (A$188.3m) Due for repayment on Dec 31 2008.
Facility D: US$77m (A$113m) Due for repayment in June 2011. ============================
Given that OZL had only A$279.4m on Dec 08 and were burning cash at an alarming rate, it might be a stretch to suggest they have the cash to repay Facility C on time if forced.
"There are provisions in the Company’s facilities under which a default in one facility may trigger default of the Company’s other facilities and the Company’s Convertible Bonds."
However, the good news could be that any asset sale (such as Martabe) and/or capital raising (institutional or JV), when combined with the cash on hand, should allow full repayment of Facility C and possibly Facility B. Then the sole focus becomes the refinacing of Facility A or managing the ongoing repayments.
