The total debt is around $800M. If the current deal goes ahead,...

The total debt is around $800M. If the current deal goes ahead, PDN is essentially handed over to the bondholders and, along with a capital raise, is freed of debt. If the market cap remains low (at present only $80.5M), PDN will be highly vulnerable to a takeover offer. Unless there is another smelly deal afoot, you would think the bondholders with 98% of the shares would decline a takeover unless the market cap increased to the point where a profit could be made. The market cap of PDN was once worth billions.