An unsecured debt is an obligation or debt that does not have specific property (like your house or car) serving as collateral for payment of the debt. If you fail to make payment on an unsecured debt, the creditor cannot take any of your property without first suing you and getting a court judgment.
unsecured creditors dont need common stock they may end up owning a big piece of UPL in the up coming restructuring. They can get these assets on the cheap while there undervalued and then reap the rewards when the industry recovers. My credit cards are unsecured also you don't think the card companies would come after me if I did not pay ?
Was quicker than I thought. This went way under a buck does NYSE give them six months to get back above a buck before they send the letter ? NO one will touch this stock now when restructuring is in the air. Equity holder get the short straw in any restructuring. The equity holders in GM went to zero after what happened there thats just one example. This is a sad day.