Adler - comment

The 29s this are out with an alternative plan to the proposal Adler laid out in a Practice Statement Letter late last week. The 29's aim is to become p.p. by maturity by having the fresh money mature in July 2025 and all bonds mature in July 2026.

There is nothing overly surprising in the Practice Statement Letter and given the plan upholds most maturities, we think the split of bonds into six individual classes is fair. The 85% lock-up in the Nov. 26s should also give the court some comfort that not only the front end is voting in favour. So we continue to think this plan will be successful.