The triggering of covenants by what seems like 4 events that were all within the control of management/board is not a good look and it's clear that someone had to go.
The statement is better than I thought it could be - suspension of trading for another month was a bit of a surprise tho. When it comes back online, the lenders will have looked over the business with a fine tooth comb and we'll have a pretty good idea about what they think of it based on how relaxed or onerous the revised covenants, loan limits, etc are.
Therefore, I'll be leaving my decision to buy/hold or sell until then.
AXL Price at posting:
$1.63 Sentiment: None Disclosure: Held
