Ok, thanks for answering. That would still give the bondholders the power to push SLG into default if they so desire and since they didn't mention a % support I would assume it's not very impressive. An apprehensive situation to be in.
On the interest rate: I guess the same argument indeed applies to the PIK bonds as here: aim is non of it will be paid. Though you Include it in your calcs why INA wasn't worth anything. So I am not sure it's consistent in not calculating it here!
Anyways I do believe SLG will find or be forced into some sort of solution.
I guess the main argument I am making their negotiation prowess seems severely lacking. They negotiated 6 months extra time at a 14% interest rate kicking in in Nov. The INA boys both have deferred all their amortization payments at a 12.5% PIK rate and have a theoretic runway of 18 months.
I am just really not that impressed with their negotiation skills and I am pretty sure many here aren't. I would dare to say including you...
Can't be long before we know one way or another.
R.