In good times, executives wax lyrical about what their companies might become. In tougher times, they tend to focus on what they are. Oz Minerals is a desperately indebted Australian miner, kept from the clutches of administration by a series of payment extensions from a syndicate of lenders. Before it lie three proposals. The first is a deal agreed in April to sell $1.2bn of assets to Minmetals, China's largest metals trader. The other two, presented late last week, involve recapitalisations through debt and equity.
光景好的時候,高階主管們總愛吹噓企業的發展前景。在艱難時期,他們往往專注於企業實際。Oz Minerals是一家負債累累、積重難返的澳洲礦商,只是靠貸款財團的一系列展期付款,才勉強逃脫破產管理的鐵爪。在它面前擺著三項提議。第一項是於4月商定的一項交易:向中國最大金屬貿易商五礦集團(Minmetals)出售12億美元資產。上週提出的另外兩項提議,涉及利用債券和股票進行資本重組。