Ann: Noteholders Approve Amendments to Secured Amortising Notes, page-8

Hi Hawthorn,
I've said this before a couple months ago but I believe this company is likely to go into administration.
They are a loss making producer of gas, who will not be able to become profitable no matter the gas price as they are on a fixed price contract.
They also have a loss making exploration arm which sucks up more cash.
They also have less than 1 quarters worth of cash and a large pile of debt.
They do not have the ability to raise material amounts of equity and if they absolutely needed to, it would essentially be a recapitalisation and you'd get wiped out because they'd need to raise at such a large discount to the current price.
The senior bonds are trading at a price that suggests the company is very distressed.
At one point in time I was a creditor of the company but sold my position, so I have no interest in whether they succeed or fail, however I remain curious because I believe they will fall into adminstration and find the process interesting to watch.