I disagree.Nyrstar was in business for >100 year when they...

I disagree.

Nyrstar was in business for >100 year when they couldn't fund themselves propperly anymore, also on overextending investments and forgetting they run a business that needs to be able to survive through the cycles, and began relying on their supplier (in case Trafigura) for funding. Their internal nickname within the company was 'the cocaine dealer', because once you are hooked on the drugs, you can't detox anymore, and in the beginning the dealer is very friendly and helpful, but once hooked they will extract maximum prize - you can google the outcome . What you save on interest payments you pay multifold in margin compression, contrairy to believe this kind of funding doesn't come for free, you just won't be able to see it as it will be buried in the margin line rather than the interest line. At some point in time OMH will run out of reversal of impairments to smooth out the P&L as well.

Replacing long term funding with short term supplier funding is not by choice when running a smelter, but by necessity, imho. I am surprised folks see this as a positive move.

Currently OMH in fact doesn't have the cash flow, the cash flow they present virtually all stems from deferring payments. It is the business edition of the Münchhausen Trillema.

I prefer to remain solidly on the side lines untill they refinance - putting long term funding in place, as what they are currently doing is not a viable strategy imho. As reflected by the share price movement. And yes, too much gimmickery in financials to throw up juicy headlines, whereas the underlying is quite different. Does not give me confidence either.

But all to their own, I hope for all investors to be wrong.