George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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It could be that plex called mooky's bluff in negotiating out of court settlement.
After bankruptcy, even plex will get nothing. Everyone knows that from the FT article. Lost a lot of money today. I guess I could say I am starting over.
Just about spot on with that one with words of wisdom there Pokerchips.
I will ask what would happen if cineworld when bankrupt before the court case. Cineplex be well and truly stuffed. My own view is that bankruptcy neither side want. Hence out of court settlement, which you then have to take the liquidity and hence ability to pay a mutually agreed amount.
Regards
yes, the whole thing moves over to a court overseen procedure that takes time and a lot of money...you ideally want to negotiate a deal without getting involved in that..... it is like sorting out a divorce yourselves rather than have very expensive lawyers do it for you ...
Chapter 11 Also known as Chapter 11 reorganisation proceedings and sometimes referred to as "bankruptcy protection". Chapter 11 refers to the chapter of the US Bankruptcy Code that sets out the statutory procedure for reorganisation proceedings under US bankruptcy law. (US bankruptcy law is a federal law that applies across all US states.) Broadly, a debtor that has property in the US can file a petition to commence Chapter 11 proceedings. The debtor does not have to be insolvent. When the petition is filed, an automatic stay comes into effect that prevents any enforcement action or the start or continuation of other legal proceedings against the debtor (§ 362, Chapter 3, Title 11, US Code). The automatic stay technically extends worldwide. This may be compared with the discretionary jurisdiction of the English court to extend the moratorium in administration proceedings beyond the UK (see Legal update, English court may prevent a creditor enforcing an overseas court order). Once the debtor has entered Chapter 11 proceedings, it is given an exclusive period of 120 days to file a plan of reorganisation with the court, that sets out a proposed compromise of its debts and/or reorganisation of its business. The creditors may propose their own plan if 180 days expire without the debtor's plan being approved. A plan is approved if it is accepted by at least two-thirds in value of each class of "impaired" creditors, acting in good faith (§ 1126, Chapter 11, Title 11, US Code).