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Non-Tech : Loewen Group
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To: Daniel Chisholm who wrote (163)5/19/1999 6:33:00 PM
From: Steve Johnston  Read Replies (1) of 277
 
If you are correct in saying that the assets would be sold at a large book value loss, look for the secured creditors to; 1.) sell their debt to some corporate raider, like a Carl Icahn, at a discount and/or, 2.) convert their debt into equity. A very similar situation occurred at Philip Services, and the existing shareholders were left (fortunately) with 10% of the newly structured company, with the rest going to the creditors. Will existing Loewen shareholders do better or worse? Only time will tell. I see all of the above as being far more attractive to creditors than a liquidation, where assets would go for a song. Regards.
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