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Old 3rd Jun 2020, 13:00
  #173 (permalink)  
non_state_actor
 
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The administrator will do what's best for the creditors and $450 million v $6.8 billion in debt just won't work in a voting sense, so can't see how staff creditors can meaningfully affect an outcome here.
The staff vote can force the decision back to the chairman. If the creditors and the majority debt holders can't agree then it's Deloitte's call. Ironically the process is somewhat stacked against the debt holders.
The trap for the administrators is to screw the debt holders and then wind up in court justifying your actions. Similar to what happened here and ended up with ANZ settling out of court: https://www.abc.net.au/news/2016-05-...s-sale/7460634
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