That is (unfortunately) pretty much a standard term of a prepacked CH 11 filing.
I say again ... a bullshit statement ... and I mean its pretty well deep and wide "... we are grateful for the support of our lenders throughout this process ..." as common equity goes to zero and after company is recapitalized mgmt gets its free shares again and the process is repeated.
It is not unusual to see a company that emerges from CH 11 to revisit it again in a year or two ... depends on remaining debt and how leveraged to commodity price ( so those CH 11s from 2018 started to do better but fell in a heap when price collapsed again).
Our of sheer spite (since present equity goes to 0) I hope that screw it up again. What should happen is those directors and CEO+CFO should be barred from holding public office for a period of years. Make Mgmt/BoD feel some pain too.
JMHO
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
