Centrebridge may recapitalise Boart Longyear, page-10

Centrebridge invested knowing it was a large scale large risk contrarian play. While I doubt they are happy with progress to date, I also doubt they see it as a train wreck. A true train wreck would be if the demand for drilling services never recovered or they misread the technology shift in their industry (like Kodak with cameras).
My view is the cycle in exploration/mining is working its way through again just like it did in 1990 and 2000 and drilling services will eventually be again a bullish high profit sector (for a period of time!). Every time is the same but different.
In terms of technology BLY are certainly paying it attention and have a stated aim of being at the cutting edge.
I work on the periphery of the drilling industry and the sentiment is definitely one that the worst is over and the industry is starting to recover.
Therefore I think Centrebridge will ride the cycle through and eventually cash out at a handsome profit (could easily be five years or more away though). The question is how "in effect" minority shareholders like us are treated. One option is that Centrebridge takes BLY private which would probably be OK for latecomers to BLY, but heavy dilution is also possible which reduces the upside.