PWU the 450 is unsecured. There is 2.8 billion of secured debt ahead of this . I don't believe the bankers and hedge funds are going to write off 1 billion of debt and be generous.
The shares have value - to maintain a listed structure for a debt to equity swap, to maintain tax losses and to keep the business contracts in place. A rational commercial decision should see this.
Cheers
where to go?, page-2
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