Also the Saxony loans have a $1B cash position clause in them. Failure to sustain $1B cash position or B credit ratings triggers additional (confusing to me...) requirements.
I wonder if MS is still holding the majority of the AMD October paper or if they've laid it off?
If it's already laid off then it might be hard for AMD to get a sufficient number of the holders to renegotiate the October '06 Note if they want to avoid asset sales or a dilutive stock offering at these levels.
I'd find it unlikely that MS would want to risk holding AMD paper in the current environment but would have likely bundled it up somehow and sold it off as some sort of CDO.
A sale/leaseback of properties appears to be a nogo per the October Note agreement as far as raising cash.
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