Really? So now they need to find an extra $3m in December to fund the put option. That's $36m total. They can't even afford to pay the $8m interest bill that was due at the beginning of the month!
Davidson Kempner knew they would get nothing if they exercised the option because the bondholders would immediately put the company into receivership. That's not a position of strength for QIN, it's still doomed.
Ann: Update of put option, page-28
-
- There are more pages in this discussion • 38 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)