What noteholders require is a little more time to see how it pans out before having to elect to request redemption. Postponing the re-set date also allows the company to redeem the notes, which, if the sales were successful, noteholders would not be pleased about. What is required is an extension of the date upon which noteholders may redeem, but NOT the date that the company can. I think they are being too clever by half, and the resolution may fail. On the other hand, it all depends on what HSBC and UBS think. I await comments from LOTM who's all over this stuff.
