RE: bradford is right There is one problem with the logic. As soon as YLO begins buying back the debt, the price of all the debt goes to 100%. Why sell my debt when I can get full value for it?
I think some type of recap is required but not as drastic as the one proposed by YPG. The MTN's can still be made whole without them wiping out the rest of us. A solution is possible to make the debenture holders and the preferred shareholder whole over time as the share prices rises to 3X EBITDA, approximately.