No 8K filing by SNDE before market close ... so is it a before COB on Tues (2 days) or is it before COB on Thur (4 days)?
Surely the BB redetermination must be completed (irrespective of any assumed 2L note issue) as they are senior. But then again I could see the point that if 2L notes are in a covenant breach and without a waiver then a cross default occurs.
Does seem like an overly drawn out process. Perhaps we'll get a "surprise" announcement over the weekend (which generally isn't in the good news category). We'll see.
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Held
