Amazing, isn't it...
5 replies (most recent on top)
It’s amazing how PR and TEvans set this company on fire. GR never would have let this happen.
Just be happy you have a job!!
"Denbury cut a deal with holders of its revolving credit facility, second-lien and convertible notes to slash $2.1 billion of bond debt, according to a company statement. Under the deal, holders of second-lien notes will get 95% ownership of the company once it exits bankruptcy, while holders of the convertible notes will get 5%, according to regulatory filings.
While this would effectively wipe out current shares, the plan envisions giving stockholders warrants that entitle them to buy shares in the reorganized company."
Yea, it doesn’t evaporate. A giant s—ing noise will be heard as all the share value gets s—ed from your accounts and gets transferred to the debt holders.
That $2.1 billion isn't going anywhere, it's now owns Denbury.