Merger may not a feasible option since it will go through a lengthy process and it will NOT benefit both major shareholders and noteholders. A take over may be a better option since noteholders have agreed to do hair cut and will convert all debts to shares and becoming controlling shareholders. This may clear the pathway for take over because any bidders will only need to approach those noteholders (the forthcoming controlling shareholders). This is only a guestimate without substance Hehe.
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