Having such a big loan when on the cusp of major contracts places them in the situation that the debt holder could offload their debt to someone who wants to take them over at a very cheap price, calls in the debt then restructures by killing off Shareholders and leaving them effectively the owner of AJX...
Removing debt mean that if current SH takes up their allocation then they maintain ownership of the upside, as well as suffering during downside.
Ann: Extension of Voluntary Suspension, page-23
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