8k out this morning. Another extension to April 21st. Surprised the creditors are giving the company so many chances.
"The forbearances and waivers would terminate if a definitive agreement for our restructuring is not effective by 11:59 p.m. on April 4, 2014."They probably need more time to finalize arrangements.Why did Strategic Value Partners buy 9.4% of the equity on Monday?Do you think GNK is leaning more towards an out of court workout? Or will there be a chapter 11 filing and prepack next week?
Out of court restructuring is possible but wouldn't necessarily be bullish for equity. What if lenders offered to refinance and provide $50mm of working capital in exchange for 95% of equity?
8k out this morning. Another extension to April 21st.
ReplyDeleteSurprised the creditors are giving the company so many chances.
"The forbearances and waivers would terminate if a definitive agreement for our restructuring is not effective by 11:59 p.m. on April 4, 2014."
ReplyDeleteThey probably need more time to finalize arrangements.
Why did Strategic Value Partners buy 9.4% of the equity on Monday?
Do you think GNK is leaning more towards an out of court workout?
Or will there be a chapter 11 filing and prepack next week?
Out of court restructuring is possible but wouldn't necessarily be bullish for equity. What if lenders offered to refinance and provide $50mm of working capital in exchange for 95% of equity?
ReplyDelete