Before admintration.
GXY had to pay SP price plus take over existing debts.
Which was $120M MC plus a premium and all debts assumed including the $40M of secured debt. $200M plus.
Now it could it only needs to pay $40M (debt) but how much it sees fit.
I.e. $40M and outbid thr next buyer. $40M plus $40M. Shareholders probably get nothing.
Less than $100M.
Ann: Administrators commence recapitalisation process, page-48
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