Kicking the can down the road

Today's news article Uncertainty over listings confirms that South Canterbury Finance and Southbury have no strategy in place for recapitalising South Canterbury Finance.

The new chief executive of Southbury Corporation and of SCF Sandy Maier, a well-known corporate restructuring specialist, said raising $27.5 million for SCF from institutions and wealthy investors had bought the Hubbard group of companies time to decide what was the next best move.
"The important thing about this is it keeps a bunch of options open."
The group was considering several options including an issue of shares to the public.
"In the coming days, weeks, maximum months we will make some decision about that."

So there you have it, as I mentioned yesterday, they are just buying time, just kicking the can down the road, perhaps hoping that 2006 will come back again soon. However with milk prices now going down rather than up, and drought affecting many parts of the country, and other companies having trouble getting IPOs off the ground, and commercial property prices still on a downward track, and consumer spending still weak, and the business sector still in deep distress, that, my friends, is just a pipe dream.

Where is the sense of urgency the new CEO and directors were supposed to impart?