k esc THUNDERBIRD SCHOOL OF GLOBAL MANAGEMENT GRAEME RANKINE fr AUSSIE PIES (D) In early 2010, Honza Muska, Chief Financial Officer of Aussie Pies, Inc., looked over the agreement he had just signed with Sona Brabcova, head of commercial lending at Bank o regional headquarters in Seattle, Washington. It had been a tough negotiation, but Brabcova tantly increased the credit limit from $2 million to $3 million, provided Aussie Pies was willi to additional loan covenants, as well as additional collateral to secure the loan. Brabcova not company's sales had increased substantially during the last few years, but that the compar declining profits and higher debt. The company had made sales growth and increased branc a top priority. Muska wondered whether the new loan agreement would permit the compai construction of five additional stores in 2010. Company Background In 2005, Anna Amphlett and Andrew Ferris established their first Aussie Pies retail outlet at Market in Seattle, Washington. Aussie Pies produced, mark