Atlas Iron is a good example of the role of a VA.
Atlas did go into VA and returned to listing about 6 months later. Shareholders were (including myself) massively diluted in the end but it did return to the listing.
The major difference here of course, is that Atlas owed over $300M in debt whereas A40 is only $40M.
The Atlas bondholders were the ones pushing for a debt to equity swap but I don't believe they held any equity at the time. In our situation, GXY does hold equity and so does Tribaca. That's what makes this whole situation even more mental to understand.
Hopefully, with the VA now in control, this mess can be sorted out quickly for all concerned.
disallowed/business/companies/atlas...voluntary-administration-20150415-1ml92r.html
Atlas Iron is a good example of the role of a VA. Atlas did go...
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