Pretty poor form to blame aurora. Firstly they (and other noteholders) gave AZZ more than their fair chance to deliver what they had said on multiple occasions they delivered. After all that leeway all that was forthcoming was regulator enforced disclosures suggesting the "buyer" was in no position to close if oil was 1000$/bbl and various other details previously unreleased undermining asset value.
Secondly aurora are entitled to vote how they see fit and for reasons that should be clear to anyone involved in investing the terms, various majorities etc needed to effect change are transparently set. To blame aurora for voting how they saw appropriate - which was frankly the only way for a rationale debt holder to behave -simply shows people are inexperienced in understanding the differing interests of investors in different parts of the capital structure.
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Not Held
