Yep. very serious.
The Incident in Norway shortly after the furnace reline was certainly a set back. Not being able to display a full years history as an operating business is certainly a drawback but may not be a complete deal breaker.
The covenants and preconditions may however make it less attractive than whats on offer from the bond market at higher interest.
Eramet might still pop with a buy out. They could fund the bond redemption within their current limits.
Peanuts to them.
IMHO The rights issue would have been a total flop unless the underwriters were fully confident and able to give refinance comfort to the underwriters
Maybe time to stop sniping and buy a few shares.
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