RE:RE:RE:RE:Ni dipped below $12 during today's session FCF, which should be used to pay off the 8.5% notes of 2026 ASAP. I doubt the high yield bond market is going to forget the debt restructuring (a 50% haircut, plus a small PIK kicker thrown in) the noteholders were subject to, without a SINGLE concession made by the equity holders. Who in their right mind would lend money at par to Sherritt after the way they treated the last group of lenders?
Shareholders should be praising David Pathe for saving their equity. Erect a statue in front of Sherritt's head office, or somethhing like that. The last consensual restructuring I was involved in, Saskatchewan Wheat Pool, a long time ago, resulted in the noteholders converting into common shares and greatly diluting the existing shareholders. Any idea as to why that didn't happen in Sherritt's case?