RE:ForbearanceIMHO it could be either of those two scenario's.
I was speaking with an associate today who worked for an energy company who went through the same process. His experience was that the creditors enter into a forebearance agreement with the perspective that they now have a seat a the table with management and can work to influence decisions about cash flow, asset sales, AR etc... they can also work with the management team to try and find a way out of the mess they are in. Walter will now be laying all the cards and financial information infront of the senior lenders. CS will be working with inside information and have better line of sight to a possible end game.
Of course this is all creditor perspective.
The timeline is tight, but the release said "until the earlier of February 3, 2014, or the occurrence of an additional event of default within the meaning of the Forbearance Agreement"
CS is in asset protection mode - they are working in their best interests to ensure that they recover as much of their investment as possible.
Where that leaves the common equity holder is anyones guess.
GLTA, hold if you dare :)