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Alias Born | 10/25/2007 |
Thursday, April 16, 2009 11:58:06 AM
In Chapter 11 all the creditors have to approve the restructuring plan. This is likely to happen because none of the creditors want to force liquidation, a situation in which they would all lose big time. You'll notice already that some of the creditors are posting PR's suggesting they will only lose 10% of the amount of their loans to GGP. I think that is a pretty good sign. A little debt relief spread evenly among all creditors and this is a healthy roaring company again.
The bankruptcy filing today is one of the best possible scenarios for shareholders that can wait out three to six months for the process to work.
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