RE:HodginsA few clarifications shorty. They did a currency swap on the a large portion of debt at 1.30 so they are nicely in the money on that. Second, when the Amco transaction was first announced the Cinven earnouy was valued at $220 USD. At today's exchange rate, that payment is now valued at $175M. The depreciation of the pound is actually helping the company to a significant extent for now.
As for bankruptcy, stop spreading BS. The company has almost $500M in the bank, unfetttered access to $60M under the revolver and over $200M in receivables and inventory.
Friday showed that there are a lot of people ready to jump back into this stock on some positive news. I don't think Q3 was stellar, but even a mediocre quarter close to guidance will show stabilization and the market will react very positively. It was up almost 14% on MT's resignation announcement. Imagine where it will go if the company announces a decent quarter.
Bankruptcy in your delusional dreams!
thedave2006 wrote: It is a call option on whether the debt holders will start declaring bankruptcy. The strategy had a lot of merit. They made a mistake by taking more debt for their UK acquisition when the financing was not fully lined up for it. Brexit caused the company to decline, but the debt was in US$. It is crushing the company.