Fletcher Buildings breaches loan covenant
The AFR reported that Fletcher Buildings have breached one of its loan covenants is now engaged in discussions with its bankers. AFR commented that one of the options going forward could be sale of some assets and Tradelink was mentioned. We think that Tradelink needs and will be sold, sooner or later, but it is hard to see how it could bring Fletcher's any solid money. For a number of years now Tradelink has been persistently unsuccessful.