IF the rumours are to be believed it wasn't the lenders but the new insto investors that demanded better terms be negotiated with lenders, I assume the ELDPA suspended divs was one of the ideas. The major concern, not surprisingly, from new investors was preserving earnings.
Share the pain seems to have been the motto for the recap. Of course that is shared amongst the existing holders not the insto's.
hybrid divis - why suspend for 2 years?, page-7
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