ELK Chart, page-4

lolz ......you answerd your own question a coupla times ......

they have basically admitted breaching loan covenants.......

they have brought themselves some time .......

at the expense of 10-50% of projects equity, and nil upfront reduction in funding costs (NPI's excluded).......

the chg in yr end will enable a write-back of asset value (madden gas) as a result .......

either way - its going to require (signififcant??) cash to pay out the hedge book during a refi .......

I hope for the sake of all investors, that Grieve actually starts to produce as envisaged ..........otherwise - its going to get messy .....

rgds
V_H