bond holders got stock - worth about 30 cents on 1000 PAR
unions were offered stock and cash
unions decided to take all cash
the left over equity not taken by unions (due to risk - they wanted cash to fund pensions) ------ went to other holders of equity in the pie chart and debt went up to 40% or so on the PAR face
bond holders got stock - worth about 30 cents on 1000 PAR
unions were offered stock and cash
unions decided to take all cash
the left over equity not taken by unions (due to risk - they wanted cash to fund pensions) ------ went to other holders of equity in the pie chart and debt went up to 40% or so on the PAR face