It's a real shame to see them forced to sell some of their best/core assets for a song. This was the sort of outcome I warned you about earlier, a substantial loss of value to shareholders. They are selling more core assets/vessels too on the basis that they are reducing cash losses now but they are cannibalising the business make no mistake.
At this point it has become an intelligent speculation though because a reasonable base case is that the sales go through and they have negotiated to then have the bank's thumbscrews released. Changed my sentiment to buy but haven't put my money where my mouth is yet.
A lot of the potential upside has been lost unfortunately but the risk reward proposition is better.
With turnarounds it's a real art to keeping the powder dry. An announcement like this one is the type of trigger I look for.
