"Unsecured creditors would be paid in full, while existing equity would be canceled, the company said."
"In addition, the company would issue new common equity interests in exchange for DIP financing claims and term loan claims, which are estimated at $253 million, subject to dilution by a management incentive plan. DIP lenders would receive 38.0338% of the new equity and term loan lenders would receive 61.9662%."
Those 2 percentages when added up come to 100% .... you, the existing shareholder get nothing, nada, nought, nil, zip, or more coarsely sweet *bugger* all. Kiss your coin goodbye.
Like many ASX listed CEO's before him, the "you ain't see seen nothing yet" (popularized in the BTO classic and also by another CEO over his head - Terry Barr (Samson Oil & Gas)
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
