Hey Steve - back to back questions on this so I'm just gonna post the same answer for you:
Personally - still in wait-and-see mode. While the company's debt situation will improve, they still have lots of debt and will need a plan to deleverage. If asset sales are how they ultimately choose to do so, where will they find growth? IMO, still plenty of uncertainty around the way forward right now. It may take the company a few quarters up to a couple of years to sort things out. Kentucky Power was their main source of growth (albeit at a high cost) and now that it is off the plate, the company may be posting negative to flat growth in the short to mid-term. I wouldn't blame those investors for looking at it as a contrarian play, but many things still need to go right for the company and I'd like to see a plan first before I'd be comfortable buying.
I think we saw the market feel the same way after the share price's muted response to the news. It was already baked into the price as it ended the day down by just over a percentage point.
Mat