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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (482772)5/22/2009 1:33:50 PM
From: tejek  Read Replies (2) of 1573090
 
But if the bankruptcy proceed as normal, with the senior creditors getting paid before the junior creditors, or getting a larger share in equity in the restructured company, than they wouldn't get zero cents on the dollar, but rather more than what they are getting now. In effect that extra amount was just grabbed from those it was owed to and tossed to the unions.

If a majority of the creditors don't like it, they can blackball the BK plan. Apparently the majority are satisfied with the plan.
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