Update in the extension request that was just filed:
The Debtors and their advisors have also dedicated significant time and resources to, among other things the following:Notice they don't mention any negotiation with the subordinated noteholders or the equity!
a)Negotiating the Plan with various creditor groups, including the Debtors' lenders party to the First Lien Credit Agreement or their successors or assigns (the "First Lien Lenders"), and an ad hoc group of senior unsecured noteholders (the "Ad Hoc Noteholders"), an ad hoc group of noteholders for the Debtors' 10.00% senior secured notes due March 2022 (the "Second Lien Noteholders' Group"), and the committee for the unsecured creditors (the "Creditors' Committee");
"Against this backdrop of achievement, and in recognition of the complex issues still facing the Debtors, the Debtors request an order further extending the Exclusive Periods. The Debtors are engaged in active and ongoing negotiations with, among others, the Debtors' First Lien Lenders, Ad Hoc Noteholders, the Second Lien Noteholders' Group and the Creditors' Committee. The Debtors have made considerable progress in negotiating the Plan and currently intend to file the Plan by December 14, 2016. However, in an abundance of caution and in case unanticipated delays arise, the Debtors hereby seek an extension of their Exclusive Periods."I suspect that the plan will be leaving unsecured creditors significantly impaired, and so will not provide for any distributions to the subordinated notes (currently trading at 20!) or the equity.