Done like a dinner - the shareholders will get nothing. Read the release. NOT a WORD for the investors.
Well they avoid it. This deal affectively gives control to the banks after they loaded the debts owed by the company with a further $1.4B in interest penalties and default charges. The Banks did the dirty. If they hadnt pulled the plug, the Balance Sheet at 1.4B debt will still sustainable. They wanted their hands on the assets.
Investors should be ranked with creditors, equally in my view. Then one would see some interesting events occurring during times of administration. Ownership in a corporate by the many, is substantially different to ownership in a non corporate, or PTY company. The rules should reflect that.
