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He said the chief concern now was "on the future and on maximizing value and in enhancing our creditors' position" so that the company can emerge from bankruptcy.
If the holdout creditors' position is sustained on appeal, not only would it have serious consequences for the sovereign debt market, but it also could have unforeseen effects on the ability of corporate debtors to engage in out-of-court workouts and exchange offers.
Company president and CEO Peter Martosella cited problems created by the creditors' position (which he termed "ill-advised"), but said business would be conducted as usual at the remaining 26 stores and that Crazy Eddie was still a strong franchise.
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"Freezing the ESM's debt-relief measures indicates renewed hardening in creditors' positions toward Greece, which we expect will prolong negotiations over the second review of the programme.
The buyout firm also questioned whether Mr. Icahn would seek to push Dynegy into bankruptcy should it accept his loan offer, since doing so would propel the investor into a senior creditor position.
Nevertheless, China's creditor position and its status as the world's second largest economy gives its voice some authority in Washington and Mr Zhu made it clear that private representations had already been made.
The amount of debt needed to be refinanced in order to stabilize the situation completely is small compared to the aggregate net-creditor position of the region less than $300 billion.The degree of economic interdependence within Asia that has built up over the past decade means that crisis in one country hurts other Asian countries above all.
And I take exception to Mr. Benjamin's assessment of the creditor's position in these matters.
Syriza argues that if it were to come to power it would be able to negotiate with Greece's international creditors from a position of strength and democratic legitimacy.
The most recent, of course, was in 1998, when Long-Term Capital Management, thighlyhleveragedged hedge fund run by John W. Meriwether, was forced by its creditors to liquidate positions.
Creditors who improve their position during that time lose the benefit of that improvement.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com