Calling a default based on insolvency is a furphy! AMI is not...

Calling a default based on insolvency is a furphy! AMI is not insolvent period.

This is Glencore trying to create a self-fulfilling prophecy which had the capacity to get them off the hook completely.

In this transaction, not only is Glencore owed money but i believe they have signed an off-take agreement for the metal that AMI produce. If Glencore are getting out of neighbouthood, why would they want to convert their debt to equity and be lumbered with the off-take? They wouldn't!

They would rather take a punt that a court may uphold an insolvency claim which gets them off the hook, i mean...the worst case scenario for them is that they go back to square one and are forced to convert the debt, so why not take a risk?!