No fresh cash expected until the end of 1991.

Given their depressed share prices, however, it appears likely that the companies will have to raise fresh cash rather than issue shares.

And the bank loan would not get repaid without some fresh cash - in this case, from the unidentified lender.

So either investment will also fall or companies will have to raise lots of fresh cash.

WorldCom now can only avoid bankruptcy by securing $5bn in fresh cash.

Yet in March, the company raised $1.5 billion in fresh cash.

The process provides banks and savings and loans with fresh cash to issue more mortgages.

People with fresh cash to invest also face a quandary.

That is far more than the $100 billion of fresh cash the government must raise each year to cover the deficit, which already provokes alarm.

"If they can't get it to work, I don't think they can expect fresh cash from headquarters."