Friday 5th April 2002 |
Text too small? |
But Tranz Rail's major shareholders have bailed out and credit-rating agency Moody's has signalled another downgrade, saying the company is in a critical period.
What's going on with the former state railway operator?
The National Business Review's Shoeshine columnist this week scrutinises the books and finds a worrying cocktail of overvalued assets and shrinking profits.
Since a Fay Richwhite-led consortium bought the railway from the government in 1993, more than $800 million has been poured into the track network, quadrupling its value.
But years of restructuring haven't restored core earnings and the company isn't covering its cost of capital.
A day of reckoning looms on October 15 when a $250 million bank debt facility falls due.
No comments yet
CDC Independent Valuation - 30 June 2025
TruScreen Group Limited SPP Update
THL provides updated guidance
CEN - Greymouth gas deal
July 4th Morning Report
July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report