"So what I would propose is a 60% haircut. Offer PXU 40c in the...

"So what I would propose is a 60% haircut. Offer PXU 40c in the dollar. This is how it would work and what holders would get in exchange."

Sorry Nathanblack, I think you are well off the mark with this one. A drowning person is not thinking about his next holiday destination.

The board of PPX has a massive job ahead of them to successfully bring the business alive out the other end. They have no reason to consider paying off a liability that has no interest cost. The PXU's are junk bonds...and the company can indefinitely ignore them, as the SP continues to sink. Think It cant get to $5....think it cant get to $3?

Well why pay $40 when they can offer them $10 in a few years time?

This is a slow motion train wreck....and it is going to continue to get worse IMO.

Kiril.