Man Davies
Posts (4982)
Bloated POS
If you are going to post c11 news, at least make sure it is current.
No Debtor in Possession procedures required, as they completed all redoing the loans on their own.
No DIP, no Chapter 11
It is no longer required
Not quite - Chapter 11 is for Debtor in Possession proceedings. There will be no Debtor in Possession, as they renegotiated loan terms on their own. No DIP, no need to file Chapter 11. They are not going to file Chapter 11 to restructure, when they have already renegotiated loan terms (ie. restructured the loans). That would be pointless, and, it is not going to happen. ;)
Simply put - No DIP, No need to file Chapter 11
imo, there will be NO filing
Most importantly - here is your BIG clue that equity here will remain solvent:
Bowman Gray IV, a local independent stock broker, said the restructuring support agreement allows for CBL "to not have to arrange for interim debtor-in-possession financing”
So, CBL is making interest payments, renegotiated exist loan -terms- only, and, has delayed and chapter 11 filing saying, IF they file, it will be OCT 1. Those are ALL clues that things will REMAIN good here.
