Not sure if investors realise , but the Cory senior debt is...

Not sure if investors realise , but the Cory senior debt is trading at around 70-75c in the dollar and Cory have put a proposal to senior and junior debt holders to extend to 2018 and 2019 respectively. It looks like the RE still has a100c in the valuation dollar on the Cory junior debt, which looks extremely optimtistic. At this stage, it looks like one of two things may happen. The debt is extended and HHY hangs around for 3 years to see whether things change enough so it can refinance or the junior debt is sold . 25c in the dollar brings the NAV down to 0.11.
Caveat: there may be other factors which mean that the 100c in the dollar valuation is valid. We will see at results.Have sold position