hebei steel, page-13

I think the chances of admin are slim. With most of the notes being converted, it looks like they will need approx $8m to repay the outstanding noteholders their $.95 in 15 months.

With the new shares issued as part of the current conversion, and at the current share price, that would need an equity raising of about 15% to pay out the noteholders - not too hard I would have thought - as a worst case scenario.

And all going well, the chinese will come to the party before then and takeover the company - the noteholders get their 95c a little earlier, and the suffering shareholders get a premium on the current price.

Lets hope it's a win for everyone, unfortunately, especially the chinese.

Well, a win for everyone except the insto that was flicking off plenty of AXOG's at 17c - thanks very much!