Will vote NO! I have to agree about voting no. There is insufficient consideration given to the preferred shareholders and the debenture holders... too much going to the MTN's.
They are getting 82.5% of the company for surrendering half the debt, getting 40% MORE interest on the new notes, AND GET SECURITY. Their equity in return could easily double in the coming year. The preferreds and debentures are surrendering almost $1 billion in face value including 3 dividend payments for about 16% of YPG.
The common shareholders would almost wiped out.... 1 for 200.
Since the MTN's are getting all their interest on time, the preferred shareholders should at the very least, be getting dividends to the 2nd quarter, and maybe even the 3rd quarter. The monies are being accrued by YPG already.... the dividends should be declared and PAID.
I'm for restructuring, but at least make it a level playing field.