Obviously the administrator Kordamentra is working for the banks and has not taking the interest of the shareholders into consideration based on the announcement it made about the planned breakup and sell off of the company's assets.
Banks not only want their lending to be serviced and repaid according to the facility agreements, they want ALL the money back NOW by asking governments for funding contribution and putting the existing shareholders as ultimate losers. The planned sell off of the company effectively pass on the shareholders' investment to the new buyers and the banks. How can the banks be totally avoid to be held responsible for the reckless lending practice with unsecured lending?
It is also the administrator's fiduciary duty to make sure the company can be revived before embarking on the liquidation process in selling off assets. Looks like Kordamentra opts to go straight into the process in liquidating the assets rather than 1). Assessing/attempting the survival of the current company via cost saving and other measures, or 2). recommending a DOCA to the creditors in the second creditor meeting.
Shareholders should be encouraged to challenge the administrator's proposal and making a appeal to the court to stop that from happening.
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