It is not the convertible note holders which is the problem.
They convert to equity if or as, the company has no money to pay them out.
My read this is the working finance facility, which has been stopped from further draw down.
With the current feed stock and oil price the plant is not profitable.
I haven't read about the board of Santos putting their company into voluntary liquidation,
because of similar circumstances.
So the plant gets sold to a private operator at bargain prices, and the new business doesn't have the costs of a high flying board, or their management chums.
Every one knows these assets are going to be off loaded , very , very cheaply.
TEK Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
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