Float hopes Not quite settled Patchwork planet Some like it hot ReprintsThe French plan proposes giving private creditors two options.
Among secured creditors, six bank lenders, led by GMAC, are expected to receive in full £335m owed to them.
In Norway, where the price of homes has risen fourfold since 1995, households now owe creditors two times their annual income after tax.
This month, the administrators of Parmalat sued Deutsche, among others, for seeking payment ahead of other creditors two weeks before the Italian food giant's collapse last December.
Instead of a short chain secured creditors, unsecured creditors and shareholders now there are senior or first-lien creditors (who have first dibs on a company's assets), second-lien creditors (who also have claims over the assets of a company, but who get paid only after first-lien creditors), mezzanine creditors, senior subordinated debt holders and subordinated debt holders.
On Sunday, the vote against austerity was even more decisive: in a referendum on whether Greece should accept a recent offer from its creditors, sixty-one per cent of Greeks said, "Oxi" — "No".
The portrait of Mr. Beachy's financial career sketched out in a civil lawsuit filed by the S.E.C. last February contrasted sharply with the homespun biography he gave creditors six months earlier.
Kahn said it remained unclear how much would then be available to pay next-in-line creditors — two unnamed hedge funds owed £40m — followed by £63m of secured credit due to the group's pension fund.
(Dad, a boozing philandering pub-band musician always on the lookout for the main chance and always coming up short, was also Gordon Ramsay, and, owing to the shared name, the son still gets letters from creditors, ten years after his father's death).
This is not because it's a dig at the Germans, who have had such outsized influence in imposing austerity measures on Greece, but because it provides an example of an unrealistic agreement between a sovereign state and its creditors — one that had to be repeatedly amended and, ultimately, scrapped.
