To assess possible outcomes one needs to second guess what conditions the banks will impose. My thinking is they will tighten covenants and insist on 4 times interest coverage and increase interest rate to 8%. On this basis an IPO of moly cop needs to reduce debt by $2b, the remaining steel business needs an ebit of $200m and then a reasonable recap becomes practical.
Steelworks 'to break even' in 2016/17, page-20
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