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Lawyers for all creditors but one, Broadwing, agreed to WorldCom's severance proposal.
The directors therefore have no alternative but to put the group into administration to protect it for all creditors.
We will be working with all parties to ensure the best outcome for all creditors of each business".
"The alternative that would result in the biggest payoff for all creditors would be for Polaroid to be completely liquidated".
Richard Hawes, joint administrator at Deloitte, explained: "We are working closely with customers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors".
"Savior" scenario: Phone Larry Summers, and he will help arrange another round of unconditional bailouts for all creditors everywhere - perhaps on scale that makes the 13 bankers episode look small.
Similar(50)
He can also dismiss the case, which could create a "free-for-all", with creditors attacking the city, which would then be forced to hike taxes to generate revenue.
In ancient Roman law an unpaid judgment creditor could have the debtor's estate sequestered (missio in bona) and sold for the benefit of all creditors (venditio bonorum).
The goal is to gather assets for the benefit of all creditors of PFGBest, which means that some investors may be sued despite having lost money when the firm collapsed.
After fierce lobbying the Government agreed a two-year exemption for insolvency cases after it was argued it differed from other commercial litigation in that it is brought for the benefit of all creditors, including the Government itself, rather than one party.
The guiding philosophy for all parties was that all creditors would receive equivalent treatment, even though there might be a diverse menu of alternative debt-relief options.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com