Thanks. I thought that you had also listed $181 million as total liabilities. That is an unusually high fraction of liabilities to be secured.
Bond investors are typically more sophisticated than to buy or hold ostensibly worthless paper. I can only surmise that the assets might have been lowballed by the company relative to speculative auction value. Perhaps bondholders/traders are expecting oil to rise before the auction. Can you think of some explanation for the bonds trading as high as they are?
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