Wonder if AZZ need to announce a Notice to Noteholder Meeting tomorrow (being 21 days prior to the meeting) or whether because it is an adjournement, there is no requirement to announce anything.
My guess is we will see that Notice to Noteholder Meeting tomorrow and it will contain an update on the negotiation with Noteholders in regards to what terms AZZ is willing to offer to get the extension.
Today is also 7 months from the now infamous executed sale and purchase agreement with no conditions precedent.
To put in perspective AZZ are requesting an additional 12 months, but look what they achieved the past 7 months (and back then they had an executed sale and purchase agreement with no conditions precedent). Just imagine how long it would take them given now they have no agreement and no buyer - no doubt another 6 months to find a buyer, plus 7 months for the process to fall through again and we can repeat this painful exercise.
Just bring on the administrator already and reveal what we all want to know
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- Ann: Chairman's Letter to Noteholders
Ann: Chairman's Letter to Noteholders, page-171
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