The importance to landlords of income stability, risk avoidance and reduced capital investment can give the tenant a useful edge in negotiating a restructured
Commercial banks and life insurance companies originated the bulk of foreclosed or restructured
The principal amounts outstanding from time to time under the term loan facility and the restructured
credit agreement bear interest at a rate per annum equal to LIBOR plus 2.
Some factors that could significantly affect the Company's restructuring initiatives include, without limitation, the economic environment of the airline industry, the Company's ability to negotiate restructured
obligations with its creditors and lessors, the success of the Company's cost-cutting initiatives in enhancing profitability and the economic environment in general.
As previously announced, it is expected that, among other things, the terms of the Company's proposed debt restructuring will result in substantial dilution of current shareholders of the Company, leaving them with approximately 5% of the equity of the restructured
Company, plus warrants which, under certain conditions, will provide them with an opportunity to acquire up to an additional 5% of Company equity after the restructuring is completed.
Known as hands-on turnaround specialists, Kroll Zolfo Cooper professionals have successfully managed hundreds of complex situations and restructured
billions of dollars of debt.
obligations total approximately US$879 million, including US$473 million of secured export notes (SENs) and US$406 million of bank debt.