AZZ Opinions, page-92

**yberger,

I would imagine these would run as separate processes:

1. The Trustee to Noteholders meeting that has been convened for 21 March to determine whether or not to appoint an Investigative Accountant.

2. The Noteholder Meeting convened by Antares for 31 March to request the extension. Interesting that the Notes Trustee already knows about this meeting, AZZ will only release it to the market on 10th March, being the minimum notice period.

The Investigative Accountant is only required to provide the report within 15 Business Days of being appointed - which means that it would not be provided to Noteholders in time for Noteholder Meeting when they are required to vote on the extension.

The obvious question is how does AZZ intend on funding itself for the next 12 months. If this is via debt instrument, then Noteholders would want to know that it ranks below them, otherwise it changes the risk profile for them significantly depending on how much debt AZZ is raising (which will be partially used to fund their salaries).
I am so curious to see how AZZ is going to try sell this idea to Noteholders, and how it plans to raise additional funding to last another 12 months.

Can't wait till the 10th of March! I expect AZZ's notice to convene meeting would have to contain a full update. Surely they can't give the reasoning that the request to extend the notes is to 'progress the sale process' again?