RE:RE:RE:AKIN GUMP STRAUSS HAUER & FELD LLP HAS BEEN RETAINEDThe reality shorty is that the company has $500M in the bank and unfettered access to an additional $60M under the revolver. Once Cinven payments are made they will still have over $350M. Chapter 11 is reserved for companies who cannot pay their liabilities as they become due. Do you see that happening anytime soon with that much cash available to them to pay liabilities??? Bonds should not be trading at 40 cents on the dollar. Those levels are reserved for companies that are weeks away from filing. CXR is not in that situation. That is why bondholders organizing presents an opportunity for the company to take noteholders out at a substantial discount. Management should take this opportunity to make an issuer bid at 60 cents on the dollar to noteholders. They could easily take out 5 to 10 percent of their debt by doing so.
lnvestor198 wrote: Only a bag holder can make this into something "bullish." Ya, buddy, that's why the stock price fell 13% because its a good thing for equity holders when even bondholders don't want to take MORE losses in the future.... ????? So in fact bondholders don't they they will recover $$$ in the future. Bearish for equity holders and you are talking bull**** if you say this is bullish.
Wait for Chapter 11 or are you going to say that is BULLISH as well? LOL Anyone who has listened to you over the past months have lost loads and loads of money. You have been pumping it since November 2015 you must have losses in the six figures.
Lumberfeverlong wrote: I read the article on Akin Gump being engaged as counsel to a group of unsecured noteholders. There is nothing in the article suggesting they were engaged as bankuptcy counsel. Noteholders are pissed about the recent precipitous decline in the value of the bonds, but that doesn't mean that bankruptcy is imminent. They are likely trying to figure out whether they can get something above what the bonds are trading at today. This is actually bullish since it might suggest that there is a significant group of noteholders who would be willing to take a significant hair cut today to avoid the potential for further losses down the road. There is a significant delveraging opportunity here....
Health123 wrote: ... By Bondholders..... Don't say you were not warned Baggies