How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid.
With this in mind :
The Secured and Unsecured debt was satisfied by Elliott buying out the debt and becoming the new owners.
As a result, the assets of Windstream are fully intact for shareholders.
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