SNC does not have a planThe news today was expected and it was priced in. Everyone knew what the outcome will be. What is clear now is that management does not have a plan how to get the company out of this mess. I think market was expecting some kind of announcement today that will reasure shareholders, but that did not happen. Management is lost in all of this. They even managed to mess up the 407 sale and are on the hook 80M for breaking the deal.
There is no way anyone will buy SNC while on trial.
The only solution is going private with help of the Quebec pension fund and fixing the company.
As long as the market sees that company does not have a clear direction, the shorters will keep moving the shares lower. Still not a buy in my opinion.