UPDATE ON OUR $PPC POSITION
Co announced that it and six of its subsidiaries have emerged from Chapter 11 bankruptcy protection after a 13-month restructuring. In connection with its emergence, the company has entered into a $1.75 bln exit credit facility. The exit credit facility is secured by substantially all of the company’s assets. Under the plan of reorganization, all creditors and its debtor subsidiaries holding allowed claims will be paid in full as soon as practicable. In the case of bondholders, payment will be made either through reinstatement of the bonds or in accordance with the holder’s previous election of a cash-out option. Under