Originally Posted by
Ragnor
I'm guessing this would make Deloitte job harder now, by the sounds of it these bonds holders would not be keen to take pennies in the dollar!
Not really. The bond holders in aggregate represent less than half of the creditors in both value and number. Deloitte, and the bidders, know that at the end of the day the bondholders cannot block a proposed Deed of Company Arrangement.
The unions hold the whip hand. The employees are the only grouping who can block a DOCA as they are more than half the creditors by number.
That is almost certainly the reason that both Cyrus and Bain have been talking up Captain Schettino and the bridge crew (Scurrah and the current management team); that's the management group that the unions prefer to deal with. Scurrah is seen as union friendly from his days at Queensland Rail and DP World and by virtue of his long standing ties to Queensland Labor.