I am an unsecured debt holder and I have tendered by bonds. It was a difficult decision made easy by the fact we all (unsecured debt holders, preferred equity holders and common equity) get nothing if they file for Bankruptcy. I commend management for going out of their way to salvage at least something for all stake holders. Vote your shares for the increase in authorized shares. We are in this together...either we all get something or we are scr@wed.
It will be delisted once they actually file for BK. At this point, they have only indicated that they will, but have not done so. They will be soliciting votes from the 2022 note holders to approve the proposed plan today and they will file BK by May 26th. They are screwing EVERYONE OVER except the 2019 Note holders which are making out like bandits. This agreement was negotiated when OIL was trading in the high 20s, Low 30s......It is incredible to me that that management went through with this when Oil has rebounded to the MID 40s. They have liquidity to hold them over for another 2 years.....seriously they do. They are just being opportunistic because they can and management will get to keep their jobs and ownership.
As you see, the release says "PLANS" or "INTENDS". The dates you reference above are also incorrect as SSE has postponed the filing to "no later than June 9, 2016" as per their most recent 8K. Let's do some homework there champ.