I think it's intentionally not suggesting anything, released by a lawyer. The 'if necessary' could be interpreted that recommencing trading was not the most likely option. But as I said I think it's intentionally not suggesting anything different from what has previously been released. All the previous solutions are still being mentioned.
'Alternate funding' could be share placement, debt/bonds, securatisation of assets or a combination of all.
Just as 'change of control' doesn't necessarily mean a takeover,it could mean someone taking a majority stake in the company. For example Bain Capital could inject $200m through the issuing of 80m shares @ $2.50, take a majority stake & provide a guarantee to the senior lenders or provide the debt themselves. That would leave a huge capital base for growth & they could nominate board members, CEO etc Or alternatively they could just offer $1.70 a share as a take it or leave it offer.
At the end of the day any 'financer' will do what's in their best interests for a return & with the appropriate level of risk.
PNC Price at posting:
$2.46 Sentiment: None Disclosure: Held
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