The forbearance agreement expires in an hour.
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?
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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?
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