I heard that no one was interested at 80c, or at 40c and maybe even at 20c. So not so much changed tack as realised they weren’t going to get anything from an equity raise. IMO founders will have to participate in refinance with something akin to preference shares at a whooping interest rate or sell to private equity. I doubt equity holders will get 20c but the bond holders may escape the bath.
I heard that no one was interested at 80c, or at 40c and maybe...
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