RE:Trevali valuation exercise...Galvanizer - nice analysis but the only thing that one can conclude is that TV is toast. Just a question of who will buy existing assets and at what bankruptcy or fire sale price?
Glencore is one purchaser and why would or should they try to buy now when they can let the whole thing collapse into bankruptcy and then pick through the bones for a decent asset? Yes they do own the shares but those can be written off and they will take an impairment charge but that should not be material for a company of their size.
Sad that the real losers in this will be the miners and their families unless a miracle happens but its approaching a month....