@Pioupiou I think I can help you understand that liquidations means reducing the value of PDPs and converting to a more liquid value such as cash. Look on p9 of the Dec 2018 HY report form PNC and you will see under the heading " Cash from operating activities" the subheading "receipts from liquidations of PDPs and services". As stated before PNC does not securitise any of its PDPs and sell them off. CLH have been doing this with Balbec Capital in the past but I do not know whether they are still doing it. Not that I want to start comparing PNC with CLH.
Ann: Pioneer and Senior Financiers to extend Standstill Agreement, page-22
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