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Technology Stocks : Allegiance Telecom (ALGX)
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To: Dale Baker who wrote (139)4/30/2003 12:37:57 PM
From: VBroady  Read Replies (1) of 145
 
Remember that there is no possible event of default with bondholders until May 15th when they are scheduled to make a coupon payment. Even if they fail to do so on May 15th (and comapny admitted that banks would prevent them from doing so) the bond indentures give them 1 month to cure that default before any bondholder could institute legal proceedings (which would certainly ocur). That means that June 15 or thereabouts is a drop dead date.

This latest announcement (that banks will temporarily ingore the event of default) is a fantastic sign. Otherwise, they would simply swoop in and get their money. But the banks are NOT pulling the trigger here -- yet. The other trigger is the HY's -- and they can't cock the gun until June 15th

(From Yahoo)
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