Despite our assumption that this would be a Southern New York Case, and in fact was a Delaware filing, the overall parameters turned out right. Turns out the $4.5 billion of debt was insurmountable to the Canadian Telco, despite having over $2 billion in cash. Seems NT files without having a DIP in place, which makes sense with their cash hoard. Granted we hope this is not an indication of Lazard's trust in the DIP market (none) as we fully expect on average 5-10 companies to have to file for bankruptcy a day in 2009, and with no interim bankruptcy financing, all will have to liquidate outright... guess there is a reason why they call it a credit bubble.We hope you managed to sell your bonds yesterday, as today preliminary pricing indicates a range around 17. Also, presumably you managed to sell the stock at $900/share in 2000...
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