Tuesday, April 1, 2014

Nothing Yet From Genco

The forbearance agreement expires in an hour.

3 comments:

Anonymous said...

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

Surprised the creditors are giving the company so many chances.

Anonymous said...

"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?

CP said...

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?