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This option was never exercised, as BBC Worldwide lacks the financial muscle or flexibility within its £350m borrowing facility.
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In the accounts, it says "headroom" against its borrowing facility is "limited" for the final quarter of 2012 and the first of 2013.
For instance, the fact that BBC Worldwide has a very limited borrowing facility, by normal commercial standards, significantly restricts its pace of investment and growth.
The banks might charge Thomas Cook a very large fee for the privilege of extending its borrowing facility for the second time in as many months; after all, the company's projections of cash flows have just been revealed as wrong.
HMV sold its 121 stores in Canada to Hilco for £2 million in 2011, which at the time allowed the company to secure a new £220 million borrowing facility.
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GMG is financing the acquisition price from its own cash resources and borrowing facilities.
And his bid won't stop the department store's plans to secure another 200 million pounds of borrowing facilities.
Some 74 per cent of believe their current borrowing facilities will be sufficient over the coming 12 months, the study shows, compared to 66 per cent three months ago.
Stephen Haupt, Regent's chief executive, said the £60m investment would be funded by the group's own free cash flow and by its existing borrowing facilities.
I think this underestimates the role that credit conditions (the cost and availability of borrowing facilities), which are largely determined by the Fed, play in today's world.
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