Because their debt ranks senior to all other's equity. Even if the equity is worth zero, they have first grab at what is left (i believe that charges are in place to secure the loan). So yes, it costs MIN $24 million ($15+$9), but then they recover circa $2m in cash, sell of the plant, and they then pick up the tenaments for well below book value. MIN want this to fail.
Because their debt ranks senior to all other's equity. Even if...
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