RE: This should be a fantastic ride.23 Oct 2017 18:12
Borrow a little, the bank owns you. Borrow a lot, and you own the bank. Same here - The debt holders are somewhat beholden to the Company if they want to get back 100p in the pound of principal. They need to keep it as a going concern and hope it will grow its way out of trouble post Hylas 4. If at any point they do not believe they will ever get this back, or simply feel prepared to accept a lower percentage of the principal , then they will allow AVN to breach the covenants, foreclose the debt, and sell the assets to the highest bidder. Always risky of course as they'll look a bit desperate, although there should be some interested buyers at the right price. Going to bean interesting next 12 months.