I have always thought it was going to be a struggle to sell any European assets off at a decent price and now that seems to be what is transpiring.
The reality is they need to sell 100% of DBCT and give themselves a buffer to be able to negotiate the next 18 months. A full sale of DBCT will eliminate any corporate debt commitments right though to 2011 and will make the SPARCS maturity in Nov 2010 (if the vote is YES on Friday morning) the next thing they need to prepare for.
They have their fingers in some many pies and there are many different banks attached to those pies and that is what concerns me. Still, I do think DBCT is very sellable and that will ensure the company survives.
BBI Price at posting:
14.0¢ Sentiment: None Disclosure: Held
