OTT filed Chapter 11 yesterday. Not sure of the results of the sub note holders yet, but my guess is some of us approved it. If not, OTT is going forward anyway.
"Otelco won support of creditors for a debt restructuring plan prior to the filing, the company said. Under the proposal, which must be approved by the bankruptcy court, Otelco will cut its long-term debt by half to $135 million from $271 million with secured creditors swapping current debt for new debt and shares in the company. Subordinated note holders will receive 92.5 percent of Class A shares in the company, Otelco said."
It sure appears that the unit holders approved since they are creditors. I just think they are dumb sheep. since the common shareholders are in the same position as those share which got wiped out in the reorganization.