FMG, its the opportunity to diversify, page-5

The report, which looks to have taken much of the administrator's time to prepare, provides no detail or list of the companies approached for commercial collaboration or purchase of assets, just states that none of those approached responded. Woods appears to not have attempted any restructure proposal but accepted the approach of the ad hoc group (which includes bondholders and EdF). EdF gets our shares in lieu of debt but still retains security in Michelin. CNNC can still reinforce their trigger option if they don't like the DOCA. He is recommending to the ad hoc group that their proposal be accepted? Otherwise the returns to creditors would be far less after liquidation. Seems like the tail wagging the dog.