the PBG cheers squad are unfortunately dreamers.PBG needs to...

the PBG cheers squad are unfortunately dreamers.

PBG needs to raise a significant amount of equity and they have left it too late.

the $750 million of debt, almost all of which needs to be refinanced at the end of 2009, is just too much for the current environment. There is no way that the banks will roll this much debt.

therefore, PBG is trading cum a huge equity raising.

However, the market cap is just too low for this to be able to done on reasonable terms.

i would not QUITE say that PBG is in a death spiral, but it is no gimme for a rebound EVER.