My guess half the reason AO was unable to refinance their debt in the first place was this SAC arrangement. SAC assets and liabilities will be removed from AO consolidated numbers thus increasing AO's book value buy $160m or so. AO now has roughly a $30 BV which does still comprise $200m in notes to SAC if I understand the transaction (which is minimal at this point).
AO collects a 6% gross receipt fee to manage SAC storage facilities. As far as whether gains flow to AO, I'm not sure now. But SAC is not a picture of fiancial health. BUt next quarter will show all new numbers. Needless to say a listen to the conference call is in order!!