Administrator, page-54

It is new and interesting news to me that Korda Mentha now represents the Bondholders. This could be advantageous for PDN as it was KM who were architects of the first and second restructure (the first having unfortunately provoked the CNNC trigger option), the latter to which Bondholders had eventually agreed before EdF pulled the pin. One would hope that KM would like their style of restructure to eventually succeed. On the other hand, the circumstances under which PDN elected KPMG as the administrator rather than KM has not been clarified. KM has gained full knowledge of PDN's finances and would pose a difficult adversary if working for the other side rather than for a mutually beneficial outcome. If, as the article states, EdF has priority as a secured lender over Bondholders, survival of PDN may be the better outcome for Bondholders.