Agreed that BLY should now survive the cycle -- sans any major external shocks.
It looks like Centrebridge (the "one execption" I earlier alluded to who came onto the register in July) will end up with very close to 50% when the dust settles.
Quite heartening to see a restructuring that appears to have clearly thought about exsting shareholders when crafting the proposed solution. Also nice to see a recounceable rights issue for a change.
They've still got too much debt for my liking but this restructuring should hopefully give them the resources they need to work it down in due course when operating conditions improve -- whenever that might be.
The market has responded very favourably today.
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