Klöckner Pentaplast - comment

€300m make sense mathematically. KP has debt capacity of approx. €1.4bn and €300m is roughly the difference if you generously ignore the SUNs. Whether or not at 92c/€ the SSNs have the stomach to play a hard enough ball to get what they are asking for is debatable. They won’t accept a worse deal than the SUNs got, but maybe €200m would do to get a deal done - €100m for the company and €100m for creditors.