From another forum. NMC field for Chapter 15 bankruptcy vs chapter 7/11. One benefit of filing chapter 15 is to allow legal ease to continue to trade and invest. The entire premise of chapter 15 is a fair outcome for its debtors, creditors and investors by maximizing the value of its assets. NMC will hold their shares intact as it is a valuable asset to its creditors and a key tool to repaying some of its debts that are being held as collateral for some of their loans. Look at slide 9 of the 3-yr plan. The timeline shows Shetty pledged 7M shares of NMC to secure debt. The creditors will get nothing if the stock is dissolved thus why chapter 15 bankruptcy was filed....best for the creditors to keep this intact.
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