when does the patience of the banks run out?, page-19

Why does everyone keep talking about asset sales?

As far as I'm aware, MM has bid 82.5c for the whole of Oz. MM will allow Oz to try to sell Golden Grove and Metabe, and, provided OZ achieves a combined sale price of $425m or better, MM will allow Oz to keep any excess over $400m for distribution to shareholders (on top of the 82.5c bid price).

Therefore, a combined sale price of say around $450m will see around 90% of this flowing to MM, not the banks in the form of debt repayment, nor to Oz shareholders. Oz shareholders would only see a ncent or two on top of the 82.5c bid price.

Does anybody have a different take on asset sales under this deal?