Other items of note:
- Operationally EMPG appears to be doing well with 'strong cash flow'
- Synergy and savings are pushing EBITDA close to $1bill up 20%
- The company has pulled out of the ratings service after downgrades
- Lending banks have agreed to relax some of their covenants
- Bertelsemann offered to invest $300mm in EMPG but was rejected
- The debt to equity swap will further dilute Reed Elseviers share