Just reviewed CXG's annual accounts. At 30/6/08 there is 83m due...

Just reviewed CXG's annual accounts. At 30/6/08 there is 83m due from "Greentrains Pty Limited" for the sale of refurbished locomotives.

The CXG directors have since agreed to a delay in payment - now due end October. The stated reason for allowing the delay - so that the locomotives can be trialed more thoroughly before payment.

Did a quick ASIC search. Greentrains only registered as a company on 26/6/08. Does anyone know anything more about this company? Directors, backers, financial capacity etc.

The directors believe the money will be paid, bit I dislike the idea of so much being owed by a single new company in this tough financing environment - and now a delay in payment. Obviously critical that Coote gets this money in, given the extremely high level of debt currently being carried.

Can anyone set my mind at rest?

PE