Hi AICp,
I believe we're in full agreement.
Yes, " ... secure creditors have the final say on the sale......"
Consistent with " ... [they can] insist on a higher sell price else they take their secured assets (diggers etc)."
I referred page 5 within this from FH's Mirabela Nickel page:
https://www.ferrierhodgson.com/au/-...kel-ltd/insolvency-guide-for-shareholders.pdf
It's mainly / only (?) due to the MBN DOCA that their secure creditors may also be majority shareholders:
- But regardless, anyone's shareholding has no bearing on KM's sale process as receivers;
- Although I do hope here - as many others do - that these same secure creditors insist on a price of say >=$500M - as that's the amount about where everyone (all shareholders at the same rate) gets all or something repaid, along with the secured creditors getting fully repaid.
As KM said to me back in March 2018, if there's an offer of $500M, then they want to see it:
- I hope (again) that this ends with such a sale - or better still a relisting - if it's in any way possible.
Regards, LP
