should be a good trade, page-104

Thanks. I wondered the same. I haven't done the same calcs for the 12.3B shares issued to Centerbridge for an interest reduction on term A and B loans.

If the 7% noteholders sold shares at 0.014 they would recover circa 138M of the 196M note principal, a capital loss. However I expect creditors may dump a parcel or two for a capital loss to manage risk (ie the 'better having two fifths of something than five fifths of nothing' thing) or for other accounting purposes.

Either way the offloading's not over yet. Asks were building at 0.014 with 50M depth at 0.015. A good buy however if industry macros allow for a recovery.