The 700 billion USD war chest of the Saudis, intended to gain back market share, is by no means empty.
Its is their direct intention to drive shalers out of business and that is exactly what they are determined to accomplish keeping the price of oil well below 50.
Hence, in my view, the chances for survival of AZZ, BBEP, CHX are zero.
In that light, the Wade deal, was too good to be true. And so it turned out to be.
Should mr Cruickshank win the vote on the 31st, which he just might, it will mean postponement of execution, with the noteholders having shot themselves in the foot, as with time progressing the AZZ cash burn continues.
I sounded a warning here to this effect late summer 2014.
The only reason I still bother is that a few family members sadly did not take my advise to get out of AZZ. BrgdS
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Not Held
