Marc
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Registered: 11th Aug 02
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http://www.skysports.com/story/0,19528,11661_4489027,00.html
Reds owners Tom Hicks and George Gillett have two months to pay back a reported £350million worth of debt.
Bollocks!
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strick206
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Registered: 12th Apr 07
Location: Wigan Drives:Integra DC5
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Awaits cosmo to say he has seen the accounts and it isn't a problem
Or, DIC will now buy us and we'll become the next chelsea
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Marc
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 @ both!
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Cosmo
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Registered: 29th Mar 01
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Its partly true, but has the standard amount of media BS thrown in...
The refinancing they did in Jan this year was for 12 months, with the option of another 6. Now its not known if this is an option for G&H or for the banks. This has to be decided by 27th (around then anyway) of Jan. If the option is taken its not a problem, if its not then they will need to either sell or find the money to pay what they have taken out in loans.
The amount is also not £350m. That was the max they could get if they wished, but atleast £60m of this was for the first phase of the stadium which hasnt begun yet, so this wont of been used. A further £40m ish was for the running of the club (transfers and general operating costs), and considering we havent spent that much when you factor in sales I doubt we have called down this full amount either.
IMO I cant see why they wouldnt be given the 6 month option - they havent missed any payments, and a lot of the money is secured personally against them (all other than the two amounts mentioned above), so the banks know they could get the money back at the end of the 6 months if the fucked up.
The bit about selling top players is also laughable - for 2 reasons. One is that we can afford to pay the approx £20m repayment. Two is that if G&H sell the top stars then they drastically reduce the value of the club, and that is really not what they want to happen.
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strick206
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How G&H haven't secured the loans against the club confuses me, they privately own the club, the first thing they should have done is secured all debts against the stadium etc, like the Glazers did, i'm not convinced they will have 200million + debt on their own heads
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Hammer
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Torres to Man City.
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Marc
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Registered: 11th Aug 02
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I think you'll get the extra 6 months too.
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Marc
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quote:
Originally posted by Hammer
Torres to Man City.
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Cosmo
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Registered: 29th Mar 01
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quote:
Originally posted by strick206
How G&H haven't secured the loans against the club confuses me, they privately own the club, the first thing they should have done is secured all debts against the stadium etc, like the Glazers did, i'm not convinced they will have 200million + debt on their own heads
The board wouldnt vote in favour of them putting ALL the debt on the club, so its been placed on Kop Holdings which owns the club. Part of those loans are secured personally against other assets of G&H as RBS requested.
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