Tuesday, May 10, 2011

nine lives lost?

The nasty bank has asked CEC for its money back! This announcement, dated yesterday, appeared on ASX at 12.42pm today, 10th May. CEC had previously advised that they were still finalising the long delayed half-yearly accounts and that these would be lodged yesterday. That has not happened and there has been no further announcement to advise when it may happen. I think that may be deferral number nine (?) .... or eight (?) ....... but who's counting anymore .......  
CBA Demand Payment
The principal financier of CEC Group Limited (ASX: CEG) sent a Demand dated 9 May 2011, for payment of all funds due to be paid by Tuesday 10th May 2011.
CEC Group will not be in a position to repay the debt to the principal financier by close of business on 10 May 2011. A proposal, including the employee buyout of certain businesses, has been again put forward for the bank’s consideration, and CEG is awaiting a response to that proposal.
The principal financier may appoint a Receiver, Receiver & Manager or Mortgagee
In possession on Wednesday the 11th May 2011, or at a later date, however it is hoped that the principle financier will consider the alternate proposal.

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