very odd announcement from reu

I've been reviewing recent announcement by REU, on 17 october they published this....

"Rubicon Finance Europe (RFE) has an investment of ₤52.2 million by way of subordinated
debt (B Note) against the NHP Portfolio which is a portfolio of nursing homes located
throughout the United Kingdom.
The loans against this portfolio will mature on 15 January 2009 unless the Borrower
requests an extension for an additional period of one year by 17 October 2008. Any
consideration of a request to extend the loans will be subject to no default existing at the
time of such extension and the maturity date for the RFE B Note being extended for an
equivalent period. The Loan Servicer has advised that the Borrower has conveyed that it will
not seek to extend or repay the loan as at 15 January 2009."


So they made a loan to a borrower....
and the loan matures in January 09.....
and the borrower was supposed to notify in October 08 if they wanted to extend the loan ......

and "the borrower has conveyed that it will not seek to extend or repay the loan" in January 2009

So the borrower doesn't want to extend the loan,
and the borrower doesn't want to repay the loan when it falls due.

So I guess that means, the borrower has demonstrated an intention to NOT repay the loan.

More front than Myer sheesh