I'm glad you mentioned government bonds, cos corporate finance is about the risk / resturn relativities.
Would you invest in equities if there was a government bond offering a 20% return?
I wouldn't, as the relativity is important.
Debt holders just got 25% for $6M with security to the smelters.
Not sure how equity for the remaining 75% can be more than $18M, given no security.
Ann: Gulf's Kupang Smelting Hub Facility Fully Funded, page-42
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