It looks more like an ethical excuse to get out of a loss-making business that's not really going anywhere.
A predictable response, retort media analysts, who believe that the loss-making business can no longer be sustained.
The company told the inquiry that no commercial lender would support such a loss-making business and it would be forced into liquidation.
It also said the discrepancy in joint-venture income was due to loss-making joint ventures.
The loss-making biotechnology industry is another example, with companies looking at consolidation to cut costs.
Possible options to ensure that the dividend is safe include the closure or sale of loss-makers , such as the London Independent.
A dockland service introduced in late 2000 proved to be a significant loss-maker and was axed after 12 months.
It is now a loss-maker due to heavy initial investments and the 1997 financial crisis.
He was clear from day one that he did believe there were a considerable number of miles of routes which were hopeless loss-makers .
Despite their lack of profits, many investors like loss-makers , especially if there is a likelihood of a turnaround in their bottom lines.