I think your view on EMR is largely accurate. They aren't coming to the party in my view. As you point out, they have stripped CRN to the bone. There is virtually nothing left. I thought it was extremely odd that CRN would pay a dividend only in April of this year given the circumstances, but given EMR's ownership you can see why. Absolutey diabolical.
My thoughts are that CRN are more important to the QLD government and Stanwell then anyone else. Met assets aren't exactly flying off the shelf right now. The liberal party in QLD has a expressed a more relaxed view to coal then labor. However, I think the removal of royalties it almost completely off the table. Deferment is about as much as they could hope for.
I suspect if there is financial relief it will come from those parties. I can't see anyone lending CRN any money at this point.
If they can get the ABL waiver on that 100mil thats about as much as they could hope for.
My largest single position is MIN. Wouldnt put them anywhere the same category as CRN though. That can all change pretty quickly though.
CRN Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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