unfortunately i don't think some of the previous comments...

unfortunately i don't think some of the previous comments regarding assets sale etc are correct.

first, the debt holders need to consent to asset sales.

they can refuse to give their consent, which TPG and others have said in the media that they will do, "through unnamed sources" (see this mornings financial review (street talk), recent debt wire articles etc.)

for starters, the hedge funds can prevent the sale of 250 million of assets necessary to prevent the interest rate rising on the debt - by refusing to give their consent - which they have said they will do (through unnamed sources) - they increase the pressure on the neck of the company.

second they can knock back any other offer such that the only offer is the one put forward by TPG - which will not be in the interests of shareholders.

third, they are in the ear of the company night and day and when the results come out, which will look bad from a headline perspective (- large losses because of write downs - even though ebitda will be good -) more pressure will be placed on the company through the media etc - "the only hope is for a debt for equity swap, we are saving the company, etc see BBI" - and journos like street talk at the afr with deadlines to meet and no idea will simply print what they are given by the hedge fund pr guys etc ... (remember these are the guys who did over Myer - with pretty pictures of hot chicks on the cover of company docs)

fourth, they will offer management jobs in the new entity (see BBI)

fifth, they will try and buyout GPG

Shareholders only hope of getting a half decent result is to pressure the board to hang tough - and threaten to put the finance company - Alinta Finance - into administration and thereby blow up the hedge funds investment.

It remains to be seen if the Board have the smarts, guts and the integrity to follow this course of action - they are certainly aware of it.