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.
According to AFR (p13) weekend edition:
"TPG and its partners, Anchorage and the Future Find-backed Oaktree, have put forward a plan to restructure the company that involves lenders taking a combined $1 billion haircut..."
