well you could argue it, but you'd be wrong. Blackrock with 70% of the notes could agree a waiver on their own - hence the 'significant majority' wording in the announcements. That's no longer true since the interest default and doubly no longer true since anyone with >5% of the notes can now send them straight to the knackers yard. They're being given every chance, but eventually those chances will be exhausted and they'll have to either come up with the reddies or take the assets.
In my view, the only reason they've kept it running this long is to maintain bagholders/shareholders as apotential source of capital through a rescue rights issue, but if the gap between assets and liabilities is too large then the required size of the raising would be too large and there would no longer be any utility in doing anything other than wiping them out.
QIN Price at posting:
29.5¢ Sentiment: Sell Disclosure: Not Held
