First step toward bk / restructuring often times. Not always, but market's gonna register it's dislike of the news. That's why company snuck that in on a Friday night.
The preferred's are cumulative, which means that the dividends add up and all back payments must be paid when dividend payments resume. Unfortunately, the fact that the payments are suspended will negatively impact the pps for the preferred shares on Monday. There may be less of an impact on the commons. Once the preferred's find a new bottom, they may be a good long term buy if you believe the company will eventually re-leverage with an asset sale.
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