The hearing next week will be interesting to say the least. I agree...not sure what the Debtor can do to get out of this one.
EIG has to be wondering what just happened. $1.8Bil isn't nearly enough to cover all obligations, but EIG should have come up with a more creative plan and should have prepared themselves to be a bit more flexible.
Unfortunately, they gambled on rigidity, and are about to be challenged with loss. Loss....was the only thing that was going to make them waiver.
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