Jack, you had better get in quick for that lunch before your shareholding becomes 1/2400th.
Under this deal, equity holders get diluted down to 25% of a new company that still has $490m debt and a fleet valued at $434m. So the financiers still have full claim to all the assets and equity holders are left with 25% of nothing.
Seems like a good deal for the bondholders. Am I missing something?
News: EHL Emeco Holdings updates on recapitalisation and merger with Orionstone and Andy'S, page-7
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