Ah yes, there at the mercy of the bankers goes any debt...

Ah yes, there at the mercy of the bankers goes any debt holder.
Actually, a negative EV can be a good investment because the company is cash rich. CHN is a case in point and was EV negative for a while until it made a capital distrbution late last year.
I am not prepared to touch GCY again until the dust settles, although I traded it between 9.4 and 13c between October and November last year for a good return but decided to back off after that.