I think what's being missed here a little is that most cometary is focused on the shareholders. but it's the sbm debt holder who holds the cards and dictates the moves. sbm have been provided debt relief for a short time and up against a default. if they no options at all sbm may be able to "negotiate " a further relief but it's bird in the hand with genesis. they have also been the first relief on basis on deal being nearly done back at Xmas. yes SLR pay it out as well but has a slightly higher execution risk. so maybe it's the debt holder dictating that they take the deal they have and don't risk it. who knows ? maybe they are also the money on the other side in some fashion.
just need to remind ourselves the debt guys don't care about what the shareholders get but they do care an awful lot about getting their money back and where they can put it out next and who with.
SBM Price at posting:
53.5¢ Sentiment: None Disclosure: Not Held
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