RE:RE:RE:RE:People, understand one thing ...They are not trying to get the secured debtholders to take a haircut. They are trying to turn the unsecured into equity. That will get rid of at least $1.8B of debt, and possibly more. The unsecureds have every reason to co-operate, and, I am quite certain, already have.
The first thing counsel advise a company considering a plan of arrangement under the CBCA is to make sure that you have secured the necessary votes BEFORE you do your filing. Don't believe me? Read for yourself: https://legalyearinreview.ca/corporate-recapitalizations-as-an-alternative-to-insolvency-proceedings/?_ga=2.203399705.900214793.1508961305-845857696.1508961305