Ann: Letter Received From EDF Objecting To DOCA Proposal, page-7

The "ad hoc committee" who put forward the DOCA are separate from the "participating creditors" (the bondholders and EdF). It seems that the bondholders and EdF were not involved in development of this proposal judging by EdF's letter. How is it possible that Woods has not involved both BHs and EdF in formulating this deal with the possibility they might reject it? EdF's letter suggests they have learned only of the DOCA as we have and have a similar negative reaction. I have wrongly assumed Korda Mentha was behind this DOCA whereas they represent BHs. I was never sure of Woods' motives but now I am doubtful of his ability to provide a viable restructure proposal. The original restructure plan may be more acceptable to EdF than the DOCA. Can we get a good negotiator? But then, there is CNNC on the sideline with a potential second trigger, or was that a single shot pistol? We never got to find out whether the trigger was legally valid because of the time it would take yet here we are, best part of a year later. For the moment, I thank EdF for their latest spanner.