Friday, December 28, 2007 8:00:12 PM
"In addition, the amendments require the Company to adhere to a Company prepared cash flow budget, which does not provide for current cash payments on its unsecured long-term indebtedness including the interest payments due on (i) January 1, 2008 with respect to the Company's 10 3/8% Senior Subordinated Notes due 2012 and the Company’s 9% Senior Notes due 2010 and (ii) January 15, 2008 with respect to the Company's 7.5% Senior Subordinated Notes due 2015. Failure to pay interest on such notes within 30 days of the due date could result in the indebtedness represented by the notes becoming immediately due and payable and as a result cause other indebtedness of the Company to be accelerated and become immediately due and payable"
No doubt that those interest payments are in jeopardy. If Ch. 11 protection is inevitable, why not file Ch. 11 protection before Dec. 31 to avoid wasting $1.6 mil (plus fees) cash to amend the credit agreement with Citi? Could an agreement has already been reached (or close to be reached) between TOUSA and its bondholders on its capital restructuring plan? If so, does this "capital restructuring agreement" involve Ch. 11 filing? If so, why TOUSA amended the credit agreement with Citi and paid $1.6 mil plus fees? If this makes any sense to you, Please help me to understand why!
thx and happy New Year
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