Why not just issue Centerbridge with more preference shares so they still only hold 49.9%
Centerbridge Partners, L.P.’s holding in ordinary shares 49.9%, or 464.5 million shares, and an additional 434.0 million convertible preference shares.
Centerbridge Partners, L.P.’s own's 65.76% of BLY including the convertible preference shares.
Centrebridge may recapitalise Boart Longyear, page-5
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