At the end of the day TPG only holds 35% of Alinta's debt. The...

At the end of the day TPG only holds 35% of Alinta's debt. The original syndicate still hold about 40%.

The important point to remember is that whatever transaction managements selects will need the approval of 60% of debt holders.

So, neither faction can determine an outcome without the support of the other (25%) of debt holders support - many of whom have already come out publicly against the TPG proposal...

So, you are right TPG can postulate all they want, but they simply do not have the numbers to veto any plan that it supported by the original syndicate (40%) and the other splinted group holding (25%)....

DYOR