ASX 0.47% $79.83 asx limited

swg you wonder why sub prime debt forfeits

  1. 119 Posts.
    Just read the announcment on swg.

    This company has been making losses year after year since it was reinvented by the MD who took it out of administration sold some business units off and set out on a strategy a few years back to do all sorts of things from on line dvd , to a TV studio all of which have shown losses year after year , and now to the point where the latest quarter showed a balance sheet that shows a negative balance at the last recording date.

    Now someone (which bank Id love to know ) gives them a finance facility for $5m for funding growth .

    No wonder the centros, the mfs, the afg, etc etc found it easy to get loans against loans from these banks .

    I own swg , and I was thinking of holding on , but with 5m in debt waiting to be spent , in my opinion swg will be head back to where it came ......the administrators.

    As far as the banks are concerned it is going to be see just how much bad debt is in their balance sheets come June 30 when they do report . Its things like this that concern me about this market
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