It may mean more dilution than the EC is willing to support, but who knows what that threshold is. Likely greater than 50% though. Remember, they hold a lot of shares. As for the EC submitting a plan, they said this week they'd ask the court to recind the exclusivity period if need be. But apparently, if they believe they can pay down the debt while preserving equity 100%, they're going to do it.
"The Equity Committee does not presently object to the relief sought in theMotion. However, the Equity Committee reserves all its rights to seek to terminate the Debtors' Exclusive Periods for any applicable reason, including if the Debtors choose to pursue a reorganization that fails to maximize value."
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