"If PPX continues not to pay PXU distributions, then again IMHO it will have no credibility should it seek future capital from the market. Also believe withholding distributions is contributing to PPX's "much unloved" comments in the media."
Do you really think this is on the boards mind? I dont.
As I mentioned this morning, give it a little time and in the absence of any other bids, a new reality will engulf the bond holders. They will accept less, just leave them out drying in the harsh son for another 12 months with no income....they will be knock your door down to get out.
If I was the board, I wouldnt rush to pay out what I would class as unsecured creditors. I know many will argue that they are secured, but really are they? You couldnt rate this paper on issue, today it is junk bond status, that is clear.
Kiril
SRS Price at posting:
7.4¢ Sentiment: None Disclosure: Not Held
