Centrebridge in their Ss notice disclosed they paid up to 20c a...

Centrebridge in their Ss notice disclosed they paid up to 20c a share and although their average is about 14.5 c the SP is unlikely to get back down to 9 c without a deterioration in business, whereas green shoots of spring are in the air even for drillers. The company appears to have largely deconstructed after it's major ramp up at the top of the market, so it will release some cash as it unwinds inventories. It's obviously going to be touch and go, in the absence of another raising, but at this sort of discount to average long term value the shares are an option in themselves on a 3 year view. Just don't make the mistake of overloading a position in the stock so a failure hurts. I still think some form of restructure of debt, swapping for convertible notes, will ensure survival, a big win for the hedge funds involved and maybe a two to fourfold gain in time for us lesser mortals.