It’s honestly painful to watch…
Printable View
Guys don't worry. Balance has stated he is getting all his money back guaranteed.
Just like OCA capital raise was guaranteed.
It doesn’t really say much that wasn’t already known?
What I find interesting is Bright is happy to sink in another 130 mil…?
Why would Bright do this ?
Can the loan be exchanged for shares at a later date if SML cannot meet the terms of the loan?
Currently Bright has underwritten the extension of the $130M as I understand it. If Synlait goes under, which is seeming more and more likely without a bailout, the banks would have called on Bright as best dressed. I would expect that the $130M as a loan will provide Bright with security and if there's a future default, some kind of first ranking (otherwise why do the banks need to approve). What a fine mess Synlait find themselves in. Next time don't try and screw A2M over!