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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (483789)6/3/2009 3:35:09 PM
From: TimF  Read Replies (1) of 1574002
 
$2bil isn't the price paid for the company. Its $2bil plus the net forgiven debt.

Or to put it another way the senior creditors are paying the amount of debt that was owed to them - $2bil for their share of the company. That amount is pretty close to what the union is paying in terms of forgoing some of the obligations that the company had to the union. For this close to equal amount the union is getting a noticeably larger percentage of ownership in the new company, despite that fact that its claim was junior to the bondholders.
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