forge appoints administrators, page-120

Orwell

of all the companies you mention, only 1 survived ( Burns Philp )

common thread of all others was lack of cashflow / high debt. bpc had strong operating cashflow , and could repay debt , and had real assets.

if a company has enough operating cashflow and does not need its bankers to kick in dough to keep the doors open, it will have a better chance of pulling though.

extending loan terms is a different proposition than increasing lending without any clear timetable for repayment.

fge still needed the anz to pay the bills, and anz got to a point of realising that fge was going to burn cash for a long time, without any one else sharing the risk with them ( could not get cap raise away ) , so it called time.

suggest anz will burn some serious money here, not great considering they only became the main banker in july 2013.

board report to affairs will be interesting reading.