You can form a reasonable idea well before the final discharge
True, it is not final until a reorganization plan is approved (Chapter 11) or final discharge (Chapter 7 liquidation) but you can tell what is going to happen well before that time. The reason is that on the day of the filing, you know what the assets are and what the liabilities are, so you can total up the assets, and then allocate them to the liabilities, in order of the priority for rights on the assets.
Here, the assets are about $1 billion short of giving the common shares any rights in a plan so the common shares are going to be wiped out.
Louis J. Desy Jr.
