The package is conditional on factors beyond the financiers and CMQ control: the deal is contingent on the appeal not being decided before May 31, and Stark and Harmony agreeing to accept $60 million in return for the redemption of the bonds and satisfaction of their claims.
Why will the bondholders accept $60 million? What about the 8.5% coupon rate and legal costs? If they win the appeal, they can liquidate the company and sells to the new financier and recover the $60M; 8.5% coupon rate and legal costs.
Is the offer for real or a chance for some to make a quick buck?
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