I agree snow. I have seen some post around this, and in the Nordics at least, management trust is important because the banks don't do too much due dilligence. Yes they look at previously performance, study segment trends, customer structures, technological distruptions etc.
End of they day, from my expericence, it's about:
1. equity (company or in the investing object)
2. security/collateral
3. cash flow
4. management & operations
The last one also has the point of continguency. But I thing in the Nordics they are more "tecnical" into the smaller finances - just calculating and looking at the spreadsheet. $100 mill is NOT in this category.
Continguency in siaf: With Nisse (78), solomon (75), "cfo"-Dan (living on the other side of the planet), at least - the team I know about here, is not substancial regarding continguency. A lot much depending on the ceo and his personal connections.
In Asia I get the impression that personal relations and trust are more important then hard figures. In Nordics I think siaf would not get a loan due to management and due to the high biological challenges ahead - TRW as the first high-density player. Aquaculture is much more developed in Europe and diseases challenged with high-end methology, rather than just changing species or dumping antibiotics and chemicals into the food systems which I find to be not sustainable and unacceptable.
