the first meeting is only to validate the appointment of administrators
The creditors can kick them out and appoint someone else
It will also determine if a committee of creditors is formed.
This is a committee that receives reports on the administration.
It is the second meeting that determines whether to continue to operate under a DOCA, return the company to directors or liquidate. usually around 6 weeks after the first.
It wont trade again unless it is returned to directors or all debts cleared under DOCA
I believe votes are according to size of debt owed.
Might be a good idea for noteholders to band together and vote as a block. Even try and get on the creditors committee if they vote for one.
good luck all. not a good place.
KBL Price at posting:
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