--lives again

  1. 7,397 Posts.

    PAS for all the sad owners of this poorly managed company.



    PASMINCO, whose US dollar borrowings in Aussie terms shrink as
    the Aussie dollar rises, at 11.30 a.m. today will have a new plan for
    its restructure and survival tabled by the administrators in Melbourne.
    According to the media, creditors are willing to take a haircut.
    Shareholders will be left with only 5 per cent of the stock - no
    doubt capital raisings in due course will increase shareholder
    involvement - but the jewels in the crown, Century zinc in Queensland
    and the Rosebery mine in Tasmania plus the European and Australian
    smelters will be retained and the world's largest zinc miner will be
    returned to the lists.
    Probably congratulations are due all round.
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