If I were to bet , I would think the Auction is not going as well as expected early in the week. Proceeds may be north of a billion but not enough to bail out the stock holders.
first 900mm pays off the DIP financing next 575mm pays off secured holders next 500mm other sr holders then 2-2.5 billion for all other creditors.
company needs 2-300mm cash for day to day needs.
Assets are worth something but how much?? lots of value lost in past 8 months. Bonds trading at 20 cents on the dollar suggest that they might only get 40 cents down the road. Where does that leave the stock holder?
I would feel much better if the bonds were trading up this week.