New DOCA appears to be a holding position to enable more negotiation to go on between 3 major creditors, last minute thing looking at lack of detail as against HNC's proposal.
I would like to know why Toll & Cornell won't go along with HNC DOCA, obviously they are not prepared to put up any further funds of their own to see if plant can get to some reasonable level of production, so I suspect by delaying issue they have some leverage against HNC.
Keep in mind GT & Cornell should be able vote through any deal as their combined debt out weighs others and HNC would not be able to vote their debt in favour of their own proposed DOCA, that is why FH needed prior agreement.
Still not read all report, will post if anything of interest.
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Not Held
