The administrators seem determined to get this DOCA over the line regardless
The administrators seem determined to get this DOCA over the line regardless. Don't expect any reply, or that they would submit any such information to the judge on behalf of shareholders. Shareholders need some platform to independently submit information to the Judge but I am not sure whether such consideration is even in his charter. He will be judging whether the DOCA is the best scenario for survival of PDN. KPMG's case is built around support of the DOCA and have presented liquidation as the only alternative. They have made no suggestion of a viable return to the first restructure. Why is there no explanation in Woods's report of reasons why the first restructure is no longer possible? He could have at least reported a failed attempt at such a proposal. The remaining major obstacles are the repayments to 2017 bondholders (who had agreed to the first restructure) and EdF. There appears to have been no attempt at communication with EdF, let alone resolution by some alternative to their $277M demand. It seems PDN has been administered into a position where the DOCA is the only solution. With remarkable parallels, a precedent has been set with Mirabela. Unless EdF or other party intervenes the outcome appears inevitable.
PDN Price at posting:
4.7¢ Sentiment: Hold Disclosure: Held
(20min delay)
