Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Rich Moore - RBC Capital Markets.
Rich Moore - RBC Capital Markets
Dennis, anyhow you look at this about and I realize you’re working hard on it, but about half of your debt comes due between now and the end of 2010 and I’m wondering, a lot of other companies have gone out and issued equity and I’m wondering if that is a potential option for you guys to, even though I realize you’re working each of the pieces and then you have ideas for each of the pieces, but just as a general sort of delevering, is equity a possibility here?
Dennis Gershenson
Well, one of the good things about being a public company obviously is that, you have a whole variety of arrows in your quiver, in order to advance your business plan and to delever the balance sheet. So that, equity is always a possibility, we have discussed this with the board.
Obviously, we’re advancing our review of our financial and strategic alternatives and I think that, what would be important is to truly know which direction we’re headed in and based upon those conclusions then we would address, a variety of additional issues.
So I can’t really give you a specific answer, because we are in the process of this review, but as you’ve seen the pending extension of the revolver and term loan as well as the asset sales, we are indeed focused on strengthening the balance sheet.
Rich Moore - RBC Capital Markets
I know this sound’s like a silly question and maybe it is, but when would the process that you guys are doing with the board? When would that be complete, if you will or at a point where you think you could discuss it more openly?
Dennis Gershenson
I think I use the words as quickly as practical.
Rich Moore - RBC Capital Markets
If I figured, it was a silly question, okay. That’s fair.
Dennis Gershenson
Rich, none of your questions are ever silly.
Rich Moore - RBC Capital Markets
Now on the lender side, I mean you said some pretty positive things. I mean which characterize the environment with lending officers as having improved over the last six, seven months or over the last few months or how would you characterize the environment with the lenders?
Richard Smith
It’s certainly nowhere where it’s been, but I think we’re starting to get calls, we’re starting to get interest in some properties and we put out in the marketplace. Basically all of our unencumbered assets with a number of brokers and lenders and then really looking at that and then I’ve been surprised that there’s been a lot of interest into a lot of our higher quality properties you can expect, even the properties in Michigan and I expect to proceed with negotiations on some loans there. So that’s to me very positive where if you looked at a few months ago it was hard to even get a call back so, optimistic about that.
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