OTCPK:JENGQ - Post by User
Post by
HermannHalleron Jul 14, 2020 3:40pm
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Post# 31267169
Calfrac recapitalization - comparable
Calfrac recapitalization - comparable
Take a look at the CFW deal by comparison. Unsecured note holders will get 92% of the equity, common shareholders get 8%. Deal announced with 50% approval from note holders already in hand, plus 23% of shareholders agreed.
JE deal has debenture holders get a laughable 57% of the new equity, common shareholders get 29% (plus another 10% for pref holders). JE deal announced with no disclosure of anyone in agreement (besides senior lenders). The JE deal is a joke, no convert holder would vote for it. Deal is dead.