https://wcsecure.weblink.com.au/pdf/ARU/03001766.pdf
The EDC credit extension seems pretty standard. I would not worry too much here. I'm guessing that the timelines for the EDC credit meetings meant it missed the deadline to extend etc. These things happen in large orgs.
The ING update, where a letter of support instead of the credit extension....that is not ideal. But its better than them walking away. Also, have a credit extension, means that ING has to provide the money at any time during that period (if all the CPs are met). By ING just giving a letter of support, it frees up that money for other things. So it may have been useful for ING to do this....
This all must be incredibly hard for the ARU team to manage. So many lenders, off take parties, equity, govt(s) etc.....
All in all...i would not take this annoucement as bad.......Its just one of the issues with deal with so many organisations.
The EDC credit extension seems pretty standard. I would not worry too much here. I'm guessing that the timelines for the EDC credit meetings meant it missed the deadline to extend etc. These things happen in large orgs.
The ING update, where a letter of support instead of the credit extension....that is not ideal. But its better than them walking away. Also, have a credit extension, means that ING has to provide the money at any time during that period (if all the CPs are met). By ING just giving a letter of support, it frees up that money for other things. So it may have been useful for ING to do this....
This all must be incredibly hard for the ARU team to manage. So many lenders, off take parties, equity, govt(s) etc.....
All in all...i would not take this annoucement as bad.......Its just one of the issues with deal with so many organisations.
