Given GXY are sitting on by far the biggest loss here and they're just sitting on their hands, I don't see any SH action happening...
Shareholders would need to match the winning bid for creditors and pay back the CHEL debt at the minimum plus now CHELs $10M fee + additional costs in the meantime to pay back CHEL/Liatam... A40 SHs would need to raise probably $90M or more...? Can't see it happening.
I still would have rathered liquidation and be left with a shell that has some cash. No way BH would sell on the open market for the $30M that KM told the creditors it's worth (clearly incentivised to make this option look poor so that creditors take the deal)... Liatam wouldn't have paid what they have if it was only worth $30M... obvious.
In the end unfortunately KM just want to tick the boxes, take their exuberant fees and get out in the easiest way possible. All they have to do for this is get the minimum that creditors would agree to take which it appears they have. VA's have no KPI or objective for SH return so you can't expect them to do any better than what they have?
It's funny that GXY had a $45M buffer in any competitive bids (since if they didn't bid with this buffer they'd lose it anyway - which is now what will happen) but they couldn't come up with a decent offer. I really thought they'd end up with it - made so much sense for all parties.
A40 Price at posting:
8.2¢ Sentiment: None Disclosure: Held
