John, your absolutely wrong there Im afraid to say. Your normally spot on! PDN has debt to EDF and Bondholders and EDF are a secured creditor over one asset Michlen.
QIN put option is unsecured so point in fact the put option if struck will force QIN into VA and put option holder will get Nada....Zip...F'all. How is that similar. In fact there are 3 options for QIN, unlike PDN with almost zero options.
1) PUT is exercised and all over. SK or whoever they are bite off there own nose to spite their face. Get jack sheet
2) Recap goes ahead but subject to PUT not being excercised. Refer to point 1
3) no recap and still PUT will not get struck coz QIN has no cash to pay the PUT but has cash to survive till end Aug maybe end Sept and pay their bond interest of 14 mil falling due 1 Aug.
Bondholders have 14 mil reasons even without recap to allow QIN to continue trading and hope for some investment. Why call it quits like EDF have done when they can collect interest payment in Aug.
The PUT holder has no choice at this stage but to hang in there otherwise as an unsecured creditor they wont collect anything but to battle the administrator for months/years.
The only other senario here is that the PUT holder has some other agenda in terms of forcing VA and in bed with some entity picking up the asset on the cheap.
PS. Not a holder of PDN but was in past hence the knowledge
IMO
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