Analyst: “It’s going to be very tough to get a recovery position from this, to be honest." With special feature audio.
The debt-laden retailer has pushed out talks with its banker ANZ.
"They really should have announced the equity was worthless when Goldmans concluded its previous review with no options that implied there was positive shareholder value"
ANZ orders the struggling retailer to address capital constraints.
The one exception may be if the ANZ agrees to take a major haircut in its debt position, which it may not want to do from a precedent perspective.