Best of luck, this company will be announcing a make or break and the break is more likely. They just announced this week that they had to extend their tender offer because they aren't getting enough creditors to buy into their stock reshuffle plan.
Hope it works out. I think this company is too high of a risk and won't be able to make their interest payments on their excessive debt. I'll be following since I got out last week and put my money into HK....turned out to be a wise move.
Straight from there public announcements:
As we have previously advised, if the Exchange Offers are unsuccessful, we may not be able to make our interest payments on our Existing Unsecured Notes, our 8.00% Second Lien Senior Secured Notes due 2018 and our 8.875% Second Lien Senior Secured Notes due 2018, payable on March 15, 2016, at which time we are likely to seek relief under the U.S. Bankruptcy Code. In such an event, we expect that the holders of our Existing Unsecured Notes, shares of Existing Preferred Stock and shares of our Common Stock would likely receive no consideration. To this end, we have engaged Lazard, as restructuring advisor, and Vinson & Elkins L.L.P., as restructuring counsel, and are working on a plan of reorganization that the Company expects to implement if the Exchange Offers are unsuccessful.
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