And let's hope in the debt write off that there is no or little debt to equity conversion - given trade unions have a vote as creditors they would not want this either as many employees have shares in Arrium - the foreign lenders might just have to suck it and take what they get back - 75 to 80 cents in the dollar - which is a much better outcome than the vulture fund was offering of only 55 cents.
Remember, the lenders only need a 75% majority and the remaining 25% must take what the majority agree to in terms of debt reduction.
ARI Price at posting:
2.2¢ Sentiment: None Disclosure: Held
