Good summary. Sometimes these are done (refinancing) at such a discount they are almost a shoe-in (at the expense of existing holders) in order to get it away and also not result in a situation in which the company goes into VA (not good for anyone usually apart from the Administrators). In so far as at what price.... I always back calculate - if the debt holders don't want the keys to the mine then the mine is worth less than the debt. You would not sell this on the open market for even 50c in the dollar of the Orion debt in my opinion and clear other creditors. not much enterprise value there to distribute amongst shareholders. Sad but true. long-winded answer to say in response Q) "where to from 10c mark?" A) share price goes to $0.03 only becasue it is what it has to do to get the risk money.
BLK Price at posting:
10.5¢ Sentiment: None Disclosure: Not Held
