RE:DebentureThe debenture holders will be in the drivers seat, they will demand repayment or
equity.The risk for them to renew is too high even at 10% coupon.Better for them
to grab something now than ??????????? later.AXL has insufficient
CF to cover the current 7%,how can they afford to fork over any more interest.
The debenture holders will end up with most of the company the current shareholders
will get a few crumbs.