My feeling is that if the bank don’t give the extension.
Management would still go ahead and pay the distribution to noteholders as a FU to the bank and then call in the administrator. Why else would they choose end of this month as ultimatum. Notes rank ahead of ordinary shares, hence it is more than likely that note holders will get 1 cents from the dollar once all asset are sold. Hence my punt.
afgha questions and things to ponder., page-12
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