smh article - good press, page-3

yeah great article ...

interest rate 15% (+3%) and they had to give away 5% - sorry 4.8% of the company in the form of 75M option to the lender to get the $80M rolled over for a mere 7 months

and if its not refinanced by July 31 they have to give another 75M options away to the lender

looks like a very expensive band aid and this is major dilution for existing shareholders - but better than the alternative of NO rollover

credit is obviously still very tight and I expect to see companies go to the wall in the next 12 months who require funds and can't raise it - the worst of this credit crunch is still ahead of us