RE:Cash or PIK on the January 31 interest payment?Well, the payment of interest on the PIK was part of the initial plan of Sherrit delevering as it would add options to return some capital to investors. Prior to this, they bought back a few time the PIK issued in lieu of cash at a 50% discount on the makret which was an astute way to handle the situation.
Obviously, at current Nickel price, they have no capital now to return to invesors so they might as well save the PIK interest payment. Unless it opens them the possibility to refinance ?
Anyway, the story has changed. Can not hold management responsable for this, Binedell set it up rightly but nickel/cobalt did not cooperate.
GLTA