this is a good result for pna no matter which way you look at it...

this is a good result for pna no matter which way you look at it imo- the terms may not seem favourable, but im sure management would have exhausted all avenues to better the final offer fom GSJBW with other suitors, and were not successful in achieving such.
as you say pna live to fight another day, and much can be achieved over the next year on the upside re copper prices and gold perhaps. pna will hopefully have a far stronger position to re-negotiate from in twelve months time.
good luck to GSJBW in maximising their position, im just glad the deal was done as it was probably curtains for us if it wasnt. one question i will always wonder about is, would the deal have been done if the debt was secured rather than subordinate?