Buying SGH, page-413

Cash flow negative? Sounds like technically they might be trading insolvent if they don't have surplus cash somewhere to service debts as and when they fall due. WIP is the wildcard.

Can't see the US hedge fund wanting to convert much senior debt to equity in a hurry, only convert the bare minimum to either control or get greater visibility of how they are trading and from memory that's about $10m of debt being converted at the most.