Thoughts,news please....

The bonds ( mt.a ) have taken a real hammering and, I suspect, reflect the real chances of profitable survival of the company. At the moment they are 26p and are due to be redeemed at 1 in Jan 2004. The market would seem to suggest that there is little chance of that and instead holders may be offered lots of MT. shares in lieu. I'd guess that to survive there's going to be a lot of dilution as creditors are offered shares insdead of cash.