So if they want to refinance the costs of that must come out of their own pockets? And can you guesstimate what those costs would be, Jack?
Sorry, mate - thought of another question since posting: do you think this is a genuine attempt to refinance or more of a tactic to make money - ie would it help elevate the price if it became known that they were not up the creek without a paddle, a hole in the bow and a shoal of piranhas getting ready to chomp their balls off?
I'm saying that the board may have refused to spend money seeking
refinance. So only a few tens of thousands. Not much more than contacting banks and letting them have the same basic info prepared for the sale, really, and answering questions.
The actual cost of refinance itself would be millions. There'd be a fee for a start, and then a lot of legal work, and work checking out securities etc. But I aint saying the board would block those costs. I'm saying that if G&H can find a willing lender, then they'd be able to go ahead with the refinance, no matter how bad that would be for LFC's future, and no matter what the immediate costs would be.
G&H will not want buyers to know the terms of their current loan, or (if it's true) that RBS is insisting on an immediate sale. But buyers will know the score.