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If debtholders reject the offer, OPTI said it would pursue a restructuring plan laid out in its bankruptcy filing.
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In that report he recommended the stock partly because "we think there is a chance it pursues a restructuring eventually, including possibly divesting publishing or AOL, or even a full breakup of the company into is four logical components".
But Polaroid plans to begin negotiations soon with bondholders in an effort to "pursue a consensual restructuring of our unsecured debt," Mr. Colcord said.
Mr. Safra, the 62-year-old leader of a financial empire that includes banks in Brazil, the United States, Switzerland and Luxembourg, opposed last week's default decision as well as suggestions from BellSouth to pursue a debt restructuring, according to a letter he sent to F. Duane Ackerman, BellSouth's chief executive.
"However, if GM is not able to complete the actions required, it will have no other alternative than to pursue an in-court restructuring, and we would be prepared to do so," Mr. Martin said in an e-mail message.
In addition, McDonald's said it wouldn't pursue any restructuring of its domestic real-estate portfolio.
Last year, at AT&T's annual strategy review, the company said it would pursue a spinoff of its cable operation as part of a broad restructuring that would create three companies with four separate stocks.
Employers pursue a college sophomore.
Both pursue a simple repetitive theme.
Pursue a nursing degree.
Pursue a neglected interest.
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