Ann: Company Update , page-9

I don't think this is looking good.

I think the principle and interest on their syndicated loan should be okay, but as Kingrobb pointed out, they have a $49.6m bilateral facility also due at the end of May. They don't have the cash on hand for that and will require some sort of renegotiating to continue.

It looks like all the prospective buyers know they have TIM over a barrel on this - but of course I would like to know what 'substantially below book value' really means. 20% less is okay - maybe even 30%. Sounds like it is even worse than that. Their financiers are also over a barrrel with this. Their best bet is probably to let TIM go on and let the prospective buyers know that they will have to pay a fair or closer to fair price for the assets if they want them.