OTCPK:JENGQ - Post by User
Comment by
EarningsPoweron Jul 23, 2020 10:17am
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Post# 31307066
RE:RE:Read the info circular
RE:RE:Read the info circular Unforunately I dont think they need to talk to debenture holders. It's up to them to see that this gives them the most value. In a bankruptcy process they very much stand to loose everything. Management and BMO have provided what seems like the best outcome for equity holders.
They did say that of all competing bids, there was more value for deb, pref, and common holders in the restructuring.
Giving deb holders 99% would mean common and prefs won't vote in favour (you need 66% approval per security class)
There's a presentation on the company website that outlines the restructuring, and how they issue new equity to converts to show how they reduce debt.