the australian - andrew's current position, page-32

Heya cloudstreet. Sorry to hear of your GNSPA losses. I hope it was ok putting your post on the PPX threads- your post just made me think hard about there being some possibilities for debt in administration, but really not much hope for equity holders.

This article:

http://tools.afr.com/viewer.aspx?ATL://89cfabaa-06bb-11e2-97be-77041b0bd8da§ion=tools

tells of how BOSI was able to exit its debts for 40c in the dollar last week (it got lucky), but now the offers for Gunns' debt is in the order of <10c in the dollar to 20c in the dollar.

Just on PXUPA, it is already priced at 10c in the dollar. Not sure where it would stand in the event of an Administration situation, but some might be taking the gamble that it is already at "distressed debt" levels.