@mattydew THANK YOU FH in 2014.....it is no wonder that FH are...

@mattydew

THANK YOU

FH in 2014.....it is no wonder that FH  are to doing everything now to work on behalf on the creditors.  Those that participated in the original Debt for equity swap.
Valuing MBN @$500m USD at the time They are trying to redress the failed restructure by sacrificing Ordinary shareholders now

From the FH website 2014
Our role

Following concerns regarding the company’s liquidity as a result of the decline in the nickel price (and its anticipated prolonged recovery) and termination of a key customer offtake agreement, we were engaged by the board to act as advisor to the company, which included an immediate review of the company’s financial position and projections moving forward.
Specifically, our engagement incorporated the following:

• Assessment of immediate working capital requirements and third-party financial obligations.
• Preparation of a report to the company’s note holders to seek potential proposals for bridge funding and potential long-term recapitalisation of the company which incorporated our review of the company’s financial projections and key risks.
• Onsite assistance in Brazil to assist in preparing a care and maintenance plan as well as alternate mine plan analysis.
• Onsite assistance in Brazil to assist with engagement with key secured debt holder to gain support for the standstill of debt repayments to allow the company to continue to operate whilst seeking to recapitalise the company.
• Engagement with funding parties regarding bridge funding and recapitalisation proposals.

Outcomes

Following issue of our report to note holders and subsequent negotiations, the company was successful in obtaining bridge funding of $45m to continue operations and was able to establish a binding implementation agreement for the terms of restructure for its US$395 million notes. Implementation of the restructure is now underway.