After reading the announcement again and looking at the notes to the accounts again in regard to the Sojitz / JOGMEC debt, Lynas are in a very tight spot.
IMO, a deal could not be done with Nomura due to Mt K blocking the deal as per the conditions in the deed poll.
And after reading the notes on the Sojitz/Jogmec loan, I found that they have security of all Lynas assets, that means Lamp and Mt Weld and Duncan.
Further secured borrowing is not possible as S/J have all the assets for security for their loan. Even if there were available assets Mt K would block.
Then there are debt to equity , and service of debt cover plus some others.
So Sojitz/Jogmec approval seems necessary to borrow any more. Mt K can only block sale of debt if security is transferred.
What are the chances Sojitz/JOGMEC owning their own REE operation. Deals could be done with creditors including MtK and we shareholders would get zip.
Just a hypothesis.
Only 11 workings days to default day.
After reading the announcement again and looking at the notes to...
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