If they don't pay the bonds, don't file chapter 11 tomorrow, then what?
What will happen next week? I assume (40% left) bond holders will take some actions against STP. I am sure they will do this. Can STP still be trading at NYSE next week?
Another thing is how bond holders make a deal with STP? They don't need to get 100% approval by bond holders, right? If they need 100%, then there will never be a deal since some shorts hold a small position of bonds too. Then what kind of numbers we are looking at? 75% or higher?