InvestorsHub Logo
Followers 34
Posts 1880
Boards Moderated 0
Alias Born 03/31/2015

Re: mewille post# 770

Wednesday, 06/01/2016 5:56:47 PM

Wednesday, June 01, 2016 5:56:47 PM

Post# of 4800
I think you are in the clear. Read Carefully. My guess is that If it is reverted back to unsecured there is no CODI.

"Creditors under Linn Energy's credit facility will have a proportional interest in a $2.2 billion term loan, and the balance of the claim will be paid in cash or an alternative consideration. The company's outstanding 12% senior secured second lien noteholders will have a $2 billion unsecured claim against the debtor, which is in line with an earlier agreement between Linn Energy and these noteholders. Last November, Linn exchanged $2 billion in principal of senior notes for $1 billion par value of these 12% senior secured second lien notes. On April 4th, Linn Energy and these noteholders entered into an agreement where, in the case of a bankruptcy petition, a $2 billion unsecured claim would be permitted instead of simply the new $1 billion in par value. Unsecured claims against Linn Energy, including the aforementioned $2 billion unsecured claim from the senior secured second lien notes, would be converted into the new equity class of Linn Energy."

http://seekingalpha.com/article/3974358-linn-energys-bankruptcy
Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.