the media has no idea

This came out in SMH after AFG went into TH.
Now we all know what happenned the next day.
Not much point reading whats printed till an ASX ann.


http://business.smh.com.au/business/allco-thrown-another-lifeline-20081102-5g9n.html


Allco thrown another lifeline
Danny John
November 3, 2008
THE TROUBLED Allco Finance Group is expected to announce as early as today that it has again secured another temporary lifeline from its banks, saving it from collapse but under an ever-increasing tightening of its debt repayment schedule.

Allco has been engaged in make-or-break negotiations with its lenders for the past 12 days after it emerged that its plan to sell assets to pay down its remaining $666 million of borrowings had been scuppered by the fall-out from the global credit crisis.

The group is due to repay $35.5 million and $112 million in two payments this month and next month under a revised deal agreed with its banking syndicate in August. That involves Allco reducing its debt to $400 million by next June.

The company has warned its shareholders that it could be placed into administration if it does not reach agreement to at least roll over the forthcoming monthly repayments.

It is understood the syndicate of leading Australian banks and overseas lenders is sympathetic to Allco's plight, given that possible buyers of the group's businesses are looking to take advantage of its present weakness by lodging much lower than expected offers for them.......