RE: RE: RE: TECK was going bankrupt too right? I already spelled out what I think Yellow should do:
1) Negotiate immediately to get 2013 and 2014 maturities moved to 2017 and 2018. Add a small sweetener for those bondholders.
2) Immediately after they move those maturities, go face to face with the banks and demand extended repayment of maturity due Q1 2013. This won't be a friendly conversation, but ultimately the banks need to understand that they get back 50% in CCAA and 100% by extending maturities. Banks will try to gouge some huge fee for this, and Yellow should fight that and go to the mat.
Preferreds won't see a dime until the banks get paid back. Only then will Yellow stop living under a banker's thumb.