So 4 parties interested, sounds hopeful. Company is essentially in administration, so how that impacts PNC's bargaining position remains to be seen. A recap as opposed to sale would surely result in a haircut/dillution of shareholders to reduce debt, so one would assume an outright sale would also involve a some sort of haircut. At least there is some interest to hopefully get at least book value for assets, which would leave shareholders with some cash and not totally wiped out.
Ann: Process Update and Request for Suspension Extension, page-2
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