Under the terms of the 24/05/2007 disclosure document...if Allco defers an interest payment, a restriction will apply such that Allco must not...."make any payment to any creditor in respect of any debt of the Issuer ranking after or pari passu with Allco Notes."
(Page 9 - why not read for yourself)
.....means if they don't pay the notes, payment of other creditors cannot be made.
Furthermore, under the circumstance whereby the distribution is not made (AND OTHER PARI PASSU CREDITORS ARE PAYED)
....(my words but very obvious)- if they continue to operate in a normal fashion ...noteholders can issue an Exit Notice requesting repayment in full of the Allco notes.
afgha notes, page-12
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