They will need exit financing somewhere around 175 mm to replace the DIP loan upon exit. But they otherwise seem to be funding day to day without much problem so maybe not too much if any for w/c. Will aslo no doubt hinge on how much actual cash has to be immediately funded into the pension schemes. I'd imagine the hedge funds who own the bonds will want to convert it to equity with a low ball valution of the whole - that will be the key - how low can they push it but even without an EC, Sopris and Marathon should be inclined to force some room for shareholders.
I'm looking at this last MOR, and I hate it when its mostly comprised on the IS of intercompany activity, but getting down to the operating profit of 13 mm for the last roughly 1 year period, if you add back 52 mm in professional fees that would be mostly gone after exit (and valuation is based on post emergent operation) and add back 16 mm in debt forgivenesss, thats 84 mm of operating income before taxes and interest but after depreciation. There is also the 171 mm impairment charge in there, which I'd love to add back but I'm thinking that has somehow to be wrapped up with the 264 mm 'credits against intercompany accounts' - but it doesn't seem like they could be making that much dinero and still be at a dime. I think I need to look at a few more of these.
