re: Ann: Completion of Senior Loan Refinancin... It certainly...

re: Ann: Completion of Senior Loan Refinancin... It certainly seems to me that, over the past 12 months, they have been signalling a possibility of abandoning the two over-leveraged SPC's to the lenders...

... my only uncertainty about this is whether this would be a problem in terms of reputation and "face" in future dealings with Japanese lenders, but perhaps their is an acceptance of hard-nosed logic in these things?

Ditching them would leave them in a somewhat better position. I had thought at time of a potential future announcement, it might lead to some market weakness/entry point, but suspect "the market" will have figured it out in advance.