Tuesday, April 1, 2014

Nothing Yet From Genco

The forbearance agreement expires in an hour.

3 comments:

  1. 8k out this morning. Another extension to April 21st.

    Surprised the creditors are giving the company so many chances.

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  2. "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?

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  3. 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