Lol, MIN Equity is still valued around $6B so "pricing for...

Lol, MIN Equity is still valued around $6B so "pricing for default as a near certainty" is just plain wrong. Despite the various missteps (and even acolytes would acknowledge some missteps) and commodity price drops the MIN share price and market Cap. is barely back to where it was 3 years ago.

All that's happened is that the penny has dropped for a few folk that this wasn't going to go up forever and that the balance sheet is stretched to the point where prudent management might do something in case commodities fall further (which might startle the bond holders) and that "something" would probably be an equity raise or an asset sale.

Completely different industry but VCX went the equity path and URW went the asset sale path. I hold both and have done well but I've had to be patient. The only other quick fix is a sudden turnaround in Lithium and/or Iron Ore prices which is out of their control.