Because of the continuing financial and economic difficulties throughout East Asia, with institutional lenders mainly awaiting completion of the extensive fiscal, legal and regulatory reforms Thailand has undertaken since the collapse of the baht in July 1997, we do not believe we could raise local funding for Fabrica any sooner than mid-2000. We do not believe we can afford to wait a year or perhaps two. The Fabrica opportunity is too remarkable to go much longer unnoticed.
Equity funding is the most practical way to finance the project.