This is a considerable cut to recoveries on behalf of Comerica. We're talking about splitting the difference after the DIP lender is paid back. Was it +3MM interim financing? That'd mean a couple hundred thousand in recoveries to Comerica after Maynbridge is paid. It's just not logical. They'd have been better off taking the settlement offer months ago or a straight liquidation for scrap.
Or, we can go by what the PWC told us, and what makes more sense: an equity raise is in play.
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