Well, bear in mind that it WAS the refinance during the GFC that...

Well, bear in mind that it WAS the refinance during the GFC that got GJT into the Eurobond mess. Who in the relight mind will take up a loan at 15% rate willingly? Not to mention the Euro convertible bonds...

In a recap negotiation, it's always up to who is in the driver seat. I don't think GJT will get screwed like it did with the Eurobonds, but they DO need the recap.

I am far from your optimistic level, but still cauciously positive.