RE:Big news for tomorrowBig news indeed!
The final tabulation of the leveraged foray into the US will be revealed. I'm calculating a $145m writedown of US assets as at year end. To be slightly mitigated by a $16m gain on the sale of FSJ.
More important is what happens with the remaining assets, including material cash and working capital, going forward. Another levered bet on "distressed" assets in a notorously cyclical industry? I hope not.
Maybe the board will take a lesson from the the Blue Wolf influenced Verso Corporation, who recently sold two of their six mils for $360m, paid off a big chunk of the pension obligations and has committed to giving shareholders up $250m of those proceeds.
Will CFF mgmt/board consider a similar course of action?
That would be big news.