I will look around for some other examples at some point, but yes nortel and one of the airlines had a long haul in CCCA.
On most cases its a liquidity crises that brings about a CCCA and usually assets dont cover debt. Game over. The longer cases generally involve labor issues and smaller pieces of assets to be sold. Crystallex is much simpler case for the most part . Only one significant creditor and they have no way to be paid until a settlement is paid. They could of course allow Crystallex to emerge and allow liquidity back in their discounted bonds and still profit but thats another story. Another issue the judge may ponder is the political aspect of this case. Management is to blame for much but VZ should not get the pleasure of destroying companies for their benefit. It sends a bigger message if CRY can emerge intact and continue the fight.
CCCA in some ways is the perfect forum for a case like Crystallex. The prize is at the end of the rainbow with the goal of everyone getting a piece. The CCCA goal is a plan but as we know stays can last years and there are no rules as long as the judge likes the process. Before I see any end of Crystallex's stay i believe at a minimum the judge would actually hire consultants to value the claim as it stands and also estimate the likelihood of recovery. So far no attempt has even been made along that route and that would burn another year imo. Time is actually a friend if management can manage to not spend all the DIP money before Nov 13.
Can management show some control on spending? Well they will have burned through 21 million of the 36 million plus equipment money in 12 months. They continue to be the biggest threat to SP imo and dilution is 12 months away unless they get the burn rate in the 600k per month range. Maybe their plan is a big pop in sp to ease the pain of another 25 million share dilution. I just dont know but when I talked to HR all I got is there is plenty of money to last. Ya sure.
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