I've been out for a while now. Sold and took my loss when they announced the revised Tariko deal which removed the funding to repurchase the 2013 bonds and replaced it with restructuring acceptable to Tariko.
I believe the risk/reward on the stock now is not good - lots of potential upside but bankruptcy/significant dilution is also a possibility. The bonds are obviously a better bet but I don't know enough about bonds to comment. I believe hageneriksson's is the most knowledgeable poster in this regard.
If and when the situation clarifies, I may get back in - sucker for punishment.