still breathing for now..

from financing update provided to market today..

"While the restructure proposal continues to be
supported by a majority of the Controlling Class of the bonds, the Trustee has indicated
that they are of the view that it is not empowered to take the instructions of the Controlling
Class without a further review of the proposal and its effect on the bondholders as a whole.
Accordingly, the Trustee has commenced consultation with a wider group of bondholders.
The extension of the cure period has been provided to allow the Trustee sufficient time to
call a bondholders meeting. Should the Trustee reject the restructure proposal following
such consultation but prior to 29 May 2009, the Servicer has indicated that they would
deem the cure period to be terminated and an Event of Default would occur under the TK1
Loan Facility at that time. The occurrence of an Event of Default would be likely to make it
impossible to complete a restructure of the TK debt facilities as contemplated in the Interim
Financial Report lodged with the ASX and dated 12 March 2009 (Directors Report).
Discussions with the Trustee are ongoing (and continuing formal legal advice is being
sought) to assist the Trustee in their deliberations. At this time, TK1 has had no
assurances that the revised proposal will be accepted by the Trustee and the bondholders
or that it will not be accepted."