Not quite true.
It’s other stakeholders as well.
GXY was playing a hard game, probably “Driving” A40 Directors to appoint administrators.
A40 Directors don’t care but shareholders and creditors are taking haircut, imo.
The Company has been negotiating the terms of a potentially viable restructure proposal from a consortium of unsecured creditors, existing shareholders and new investors (Consortium), in conjunction with its new secured lender. The Company sought, but was unable to secure, standstill commitments for the period it was seeking.
GXY Price at posting:
$1.22 Sentiment: None Disclosure: Not Held
