The banks and hedley have refinanced NLG through to July...

The banks and hedley have refinanced NLG through to July 2010.NLG has continued to meet finance costs to the bank through cash flow.The hotels are a cash flow business and the banks know this.They reported a half year loss and the banks didn't have much choice but to refinance.My theory is that a deal has been done with Hedley and the 12 Hedz pubs he owns in that this is a bargaining card with the banks.The share price of 1/2 a cent is just about non existant and you can become a substantial shareholder fairly easily.