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The range that the article lists is quite interesting. I don't know where the low percentage comes from. It's not a likely outcome IMHO based upon the bond trading hands near $75 with some regularity.

The WSJ indicated that the filing last week indicated that the company had said they expected a 57.3% recovery if they don't get better offers than the NRG offer

Edison Mission on Tuesday filed an updated version of its Chapter 11 plan with the Chicago bankruptcy court, adding the percentages it expects its creditors to recover of their claims upon the company's exit from bankruptcy by way of a $2.6 billion sale to NRG Energy Inc.

Edison Mission has already pledged to give its unsecured creditors, including bondholders owed $3.85 billion in principal, interest and fees, a cut of the sale proceeds and equity in the restructured company. The company now estimates that the payout will amount to a minimum recovery of 57.3% of what the unsecured creditors are owed, although a full recovery isn't off the table.

Apparently, the people buying the bonds at 75 are pretty certain that bondholders will be able to extract at least an extra 18% or so.

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