It's fairly neutral news. CVI has the option to redeem $10m each...

It's fairly neutral news. CVI has the option to redeem $10m each six months (and any previously deferred amounts). Up until now, they haven't redeemed anything. This $40m + accrued interest is redeeming all of the eligible amount since the notes were issued.

There should be a reduction in liabilities (but not the full $40m + accrued interest... because not all of the notes were accounted as debt. Some was accounted as equity, so to square the circle, I expect equity to decline a little as well), and a reduction in cash of $40m+accrued.