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Remember, the $400 Mil due in May is not bond debt - big difference! Mel indicated that he's been in talks with the lender(bank) to extend the terms of that loan. Since it's in the bank's interest...

True, but I'm assuming they'll pay some of it, maybe half in cash. I suppose it'll depend on how Q4 goes.

It's not quite as favorable as the last exchange. This time the holders got their shares for .299 - so they can turn around and sell 'em for a quick profit.
Still - the Feb debt is down to $250m.