its logical
If the most secured creditor who gets paid first takes a haircut then all other creditors get nothing.
They take their share first up to what they are owed then the rest gets paid to other creditors then shareholders last.
The secure creditor doesn't take a haircut to allow other creditors to get a piece of the pie, that makes no sense and nullifies the entire point of been a secured creditor.
announcement out - financial restructure, page-10
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