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Message: <blockquote data-quote="Carrots" data-source="post: 2140994" data-attributes="member: 47479">AS [USER=3493]@oz_mark[/USER] mentioned, important to note the date of the letter being pre updated/formal proposal from the Unsecured Bondholders.For me these few paragraphs from the AA article really say it all:It confirmed that, on 24 June, the business received what it called a “back-up recapitalisation proposal” from [Unsecured] bondholders, represented by Broad Peak Investment Advisers and Tor Investment Management.However, it said it was unable to accept “any alternative offer for the sale” because Bain is committed to buying the business.In a line seemingly related to the [Unsecured] bondholders’ bid, Strawbridge said, “An additional proposal to that from Bain Capital and Cyrus Capital was received, which we considered.“However, it was highly conditional and contained no evidence of committed funding to enable a transaction to be completed. In these circumstances, we were unable to take this proposal forward given the lack of certainty and the level of conditionality.”At the end of the day, the only way these unsecured bondholders have any chance of being successful is to out bid Bain, which you would think is highly unlikely. Their court action really was around trying to copy the other kids homework so to speak so they could get a leg up, and rightfully so the court declined.So the $X Billion question is... how much do they need to trump Bain, and will they find it. Answer: Unlikely.</blockquote>

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