What’s stopping CHE from modifying the terms of it’s indicative, non-binding DOCA proposal? All they have to do is submit a binding DOCA proposal by 05 Jan 20. It doesn’t have to match what they’ve put forward to get to this point. What is stopping them from submitting a modified DOCA that is the same or worse than what GXY offered?
They can completely screw both creditors and shareholders and still walk away with a multi-million dollar payout. Additionally, they get their $70 million back no later than 13 Feb 20. They already hold $40 mill of that in debt, and they have to approve any withdrawal of the $30 mill working facility, with nothing compelling them to do so.
GXY Price at posting:
92.5¢ Sentiment: Buy Disclosure: Held
