update out, page-30

Rubbish. They have 40 million in liquid assets from MUX that will be settled in 2 weeks. That will guarantee the flow of finance for the next six months and remove the secured creditors. Then they have plenty of time to sell off 2/3 of the assset base totalling 380 mill, to pay off the remaining unsecured creditors and relist.

I'd prefer they spend 3 mill on admin than losing another 15 mill in EBIDTA at current zinc and AUD levels. By November, the situation could be completely different with Greece out of the way and a new Chinese premier on board with a loose purse.