Well it seems the banks have called in the undertakers, Korda...

Well it seems the banks have called in the undertakers, Korda Mentha, to review the Gunns balance sheet. This is usually very bad news as the undertaker is only interested in fees and more fees will be earnt by the banks forcing GNS into receivership and appointing KM as the receiver....thats generally how it works.

The only chance I see for some salvation is the recent talk of hedge funds being interested in buying the debt...ala Centro, Channel Nine......perhaps CBA has appointed KM with a view to selling the debt to the hedge funds to sort it out. In that scenario the GNS zombie can move forward but all hope would be lost for equity/hybrid holders.

Not good news....