GREY:LSTMF - Post by User
Comment by
oilman53on Jan 01, 2017 10:47am
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Post# 25657667
RE:Did the shareholders ever vote for the restructuring?
RE:Did the shareholders ever vote for the restructuring?The shareholders did vote in support of the restructuring but the second lien debtholders voted against. For the old dal to proceed it needed 60% support from the first and second lien debtholders and the shareholders. Thererfore, and that's what a lot of you dont understand, that deal which offered shares to the common and the secondlien debtholders WAS NOT CONSUMATED AND DIED. It was followed by the sale process of the Company under CCAA protection which led to the credit bid by the first lien debtholders to be accepted for 100% of all the assets and no provisions for the others