My impression is that shareholders will get nothing, but happy to be proven wrong.
"CBS will refinance Ten's existing debt, including a $200 million loan to Commonwealth Bank and guarantor fees of about $30 million owed to James Packer, Mr Murdoch and Mr Gordon, and will implement a deed of company arrangement, according to KordaMentha. Creditors will be given the chance to vote on the deal at the second creditors' meeting."
They mention creditors only, nothing about shareholders.
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My impression is that shareholders will get nothing, but happy...
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