Restructure and bankruptcy liquidation are not synonyms. Since the officers/directors own shares, it isn't logical to think they would choose the liquidation alternative. What is missing is that hedge funds now control much of the debt and from the articles I have read, are quite willing to restructure with a hybrid equity/debt stake. What is also missing is it is apparent the assets are of value to some deep pocketed interested parties. Pension funds, fund managers are increasingly looking toward distressed properties. Stay tuned....
CNP Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
