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A peculiarly upbeat article from Nils de Graaf: https://seekingalpha.com/article/4242891-windstream-will-sur...

TL;DR: WIN would have the cash to settle with Aurelius (having just sold Earthlink for more than it owes Aurelius, plus several bits and pieces here and there), but not enough for other "free riders" that will be sure to ride on Aurelius' victory's coat-tails; so, chapter 11 is inevitably. Specifically, it will be a "voluntary pre-packaged bankruptcy" restructuring... "keeping everything as it was" (!). "Uniti should not be involved in the process and even Win shareholders will keep their shares as if nothing changed".

In fact, Aurelius will likely lose a little on their bonds -- didn't they know it in advance?! Yes, BUT -- their real game is to cash on their credit default swaps: that's the total reason they bought those bonds -- so that they could make WIN formally bankrupt (as it will be by entering Chapter 11) and thereby cash out a fortune from the CDS.

So, in Nils's opinion, WIN suppliers (including UNIT), customers, creditors (with a little haircut), even shareholders, will be alright; the only (big) losers will be whoever chose to write those CDS (seems to be a rather hazardous endeavor, like selling fire insurance with a rider guaranteeing payment even if the fire is arson caused by the insurance purchaser!-).

Not sure I buy fully into Nils's optimism, but this surely consoles me in my overall decision to just keep my UNIT position until further news!-) [[I'm having to fight against the temptation to speculate into WIN shares at sub-dollar prices... now THAT would be tempting fate!-)]]
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