creditors here are allowing for the sale of the downstream business which would leave just the smelting plant, a mine, and a refinery.
I don't think the creditors want stock in that. They want the downstream to be sold and that money used as exit financing.
NORN will stay the same as a smaller and leaner business producing aluminum, not aluminum products. There are $300M in NOLS here worth $100M as a tax asset.