Catalyst Paper Corp. (fka CTLFQ)

[pitacorp]

I might or might not be correct as you say, and understand what you say, but this is somewhat confusing for me if this securities shares will be totally cancelled(from restructuring agreement):

The specific terms of the Agreement include:

- Catalyst Paper's US$390.4 million aggregate principal amount of outstanding Senior Secured Notes will be exchanged for:

* US$325 million aggregate principal amount of new 11% first lien notes (the New Notes), the terms of which are described below;


* 80% of the company's common shares (subject to dilution from common shares issued to holders of warrants, as described below); and

.....why would these people want to exchange senior secured notes for worthless shares?? this agreement stated nothing about issuing new shares that are to be issued for this agreement. Also, how many companies(enron, leahman, etc) who had worhtless, in bankrupcy shares, and still traded and made good money for lots?? Too many for me to feel happy about. So, it's a decent gamble for me here