"Noteholders Agree to Swap Debt for Stake in K-V Pharmaceutical" ($KV)

Looks like it will be a fast reorganization,

"Hedge funds Silver Point Capital and Whitebox Advisors, along with Boston mutual-fund company Pioneer Investment Management, have agreed to swap some $225 million in secured notes for an 82% stake in the reorganized pharmaceutical company, according to the terms of a proposed plan outlined Wednesday in U.S. Bankruptcy Court in New York [which] also includes a $20 million rights offering at an exercise price 'intended to provide the senior note holders with a recovery equal to par plus accrued interest,' [...] Lenders who agree to provide $50 million second-lien term loan will get 15% of the reorganized K-V's shares with convertible note holders splitting 3% of the new company's shares. General unsecured creditors would divvy up a yet-to-be-determined pool of cash."

The saga continues. It sounds like the sub notes are the ones getting 3% of the new equity?