"A drowning person is not thinking about his next holiday destination."
lol. Love that quote. Might borrow it sometime.
You're probably right. I agree they are basically "junk bonds" which is why I suspect holders would be willing to deal. Just changing from perpetual to a fixed term would be worthy of a substantial writedown imo.
Obviously the focus is on turning the business around. But how do you do it? Margins aren't going to improve anytime soon. Asset sales take time and only the better businesses are getting good coin.
So PPX need to reduce debt or be taken over. For either to happen, you really need PXU gone or minimised. So it should be looked into in some way.
Either way, it's purely hypothetical as I sense management have no urgency with the PXU. Let's hope they can trim the fat elsewhere.
SRS Price at posting:
5.0¢ Sentiment: None Disclosure: Not Held
