4 scenario here:
1) the bondholders is able to liquidate the company.. shareholders get a payout.. WIN
2) the company pay out the outstanding debt.. prove money exist.. WIN
3) oil price goes up.. company profitable again.. WIN
4) oil price goes down.. company make a loss.. LOSE
i don't think the directors is fraudulent, they were just caught out because of the low oil price since IPO.
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