dalegThere are still alot of things that can go wrong.Firstly...

daleg

There are still alot of things that can go wrong.

Firstly the bank can sell the debt. Effectively if someone realy wants to buy Redbank they control the business by taking the debt.

Also, someone may offer to buy Redbank at a huge discount to its true value. The Banks would support this if they get their money back but the board may not want to sell if the price isnt reflective of the true value.

My belief is that Redbank can survive and I would be surprised if the Board hasnt spoken to other lenders, especially now that the Carbonn Tax issue has been put to bed.

I doubt Ausgrid would be a buyer when most elecricity assets are trying to be sold.

I think we will hear in the next 24 hours that the board has done a deal which will entail raising equity and more favourable repayments.