IMHO, the accrued preferred dividends might be viewed as debt in a restructuring - but, it will be debt subordinate to bond interest and principal - and some payment in the form of a new common stock might be made to take the preferred off the balance sheet.
As for the effect of the new credit line, it apparently is secured by all kinds of domestic collateral. If and when the management dissipates the new cash in the same way it has wasted all of the money raised by debt financing in the past, there will still be nothing left for any equity owners, be they common or preferred.
Preferred and common will little or nothing in the restructuring. Betting the field to win at the Derby is a much better investment. The new credit line screws the bondholders and will force them to take debt, equity and warrants. If bondholders believe they are getting the short end, then common and preferred will pay the price. Consolidated Fruit's latest maneuvers appear to be an act of desparation, but also signal some potential litigation which could delay debt restructuring.
Current beef bans will have no impact on negotiations regarding bananas. No changes in the current system this year as we approach the 10th anniversary of the quota/tariff regime.
You seem quite well posted as always. Can you explain how can this company shows such little regard for any of its investors (default on debt almost 60 days ago and no contact or info about development of plan). Also, a prior psot stated that Blackstone saw no such urgency or criticalness to this situation given current cash flows. I imagine that some negotiations are in process, but how does this filter to the public.
It appears that the company has made its own rules and does not appear accountable to anyone. More suits could arise, but this does nothing but confound the situation further. There must be some stipulation that allows bondholders to forclose, yet the Trustee Bank has been anything but forthcoming. Is everyone in cahoots?