It does seem like the CIC payout cannot happen. What happens with the PP debt is another question, but it would be nice to see them get less than the total currently owed to them. How much the judge will be influenced by their legal issues is another question. The court docs don't seem to ask for any debt relief but that might be implied in the Chapter 11 filing. They seem focused on the auction of the assets with an attempt to get a better bid than what L3 is offering.
The irony here is L3 took advantage of the situation with PP and knew the clock was ticking. I think their offer of $117M was in place for awhile and doesn't take into account the new TSA contract.
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