not short at all. was looking into this to long at these prices. but theres literally nothing to be done if the bondholders get a covenant, too risky.
cash of US $200 m isnt a shield if free cash flow is US -$80 to -100 m a quarter and the ABLs 1.2× first lien leverage springer turns on.
royalty relief doesnt come on until 2027 so the only thing saving here is coal price or the bonds not being bought, which they may or may not have been. this debt for equity threat is very real and the fact you dont know enough about it and getting these basic things wrong should give you some pause to research into it a bit more.
im actually just here to help people like you, you havent rebutted one thing i have said, if you want to long it, go for it idc, but try to understand what is happening. saw same sort of people going long ERA at 1c not understanding that it was literally being taken over at 0.2c
https://www.sec.gov/Archives/edgar/data/1770561/000110465924105425/tm2425386d1_ex4-1.htmindenture still lists the usual defaults, its disturbing you didnt even read these but are still talking with such confidence.
(20min delay)