I'm not so sure. I've just been re-reading the announcements and...

I'm not so sure.

I've just been re-reading the announcements and the annual report, and, aside from the scary comment about voluntary administration (which isn't a term you would use lightly!) it looks like BRT has a lifeline.

Mezzanine finance is approved, and factoring agreement is in place.
Paperwork needs to be drawn up between Benefactor and Blackwater, as you would expect if Benefactor are paying all receivables, and then it's back to business.

Agreed that it looks like Christmas 2008 will not be nearly as lucrative as it could have been, and items on tonight's NZ TV news that half of China's toy manufacturers have closed certainly don't help.

It's all about survival to fight another day at the moment.