Dog_ger wrote:Appears a bit of Shonky with this bad debt....
Kochi from channel 7 sunrise says they restructured their debt to make it look bad.
Undervalued their assets incredably.
They have actually made a profit of $50,000,000.
and taken $7,000,000 in Government handouts over the last 2 years to buy new machinery.
Now they are trying to take same machinery off shore....
They have been manufacturing a lot of stuff 'offshore; for years. Don't let the spin fool you, Pac Brands are in plenty of trouble.
In a couple of years time when they come to refinance their loans, which financial institution in Aust will touch them, Noone! Their shares are now 17 cents, you bloody beauty.
The execs have lined their pockets, the CEO got $1.2 in her hand and the shareholders are now holding their collective breath.
Incidentally, the Yakka stronghold is in Victoria, King Gee in Brisbane and I reckon the majority of jobs will go from Bonds in Sydney.
Watch this space for more exciting episodes of the Rise & Fall of Pacific Brands
