It looks like Allco Finance might be finally finished off. Now that it has called off asset sales designed to help keep its creditors at bay, the financial engineering group is in serious trouble.
Even the bosses think the game may now be up: “…the directors believe that there is a significant risk that Allco will not be able to meet the debt repayment schedule in its senior debt facility for the months of November and December 2008.”
So if you’re still working for Allco, is your job in jeopardy, too? And in the current job market, is it a curse to have Allco on your CV?
And is there any hope left for anxious Allco employees? It seems not: while the firm has entered new discussions with its bankers, it is now at risk of defaulting on interest payments worth AU$35m.
Is Allco about to blow up? And who’s to blame for its woes?