Quote:
Originally Posted by bobbinka
If a proposal is accepted by majority creditors, the agreement is binding. As the purpose of a proposal is to avoid bankruptcy, NCIX would have every incentive to abide by it. Creditors may also be inclined to accept a proposal, as they might not get anything at all if NCIX goes bankrupt. A proposal is decided upon by the majority creditors, so it'd only be rejected if the majority creditors think there's enough assets to recover in a bankruptcy (which i doubt).
If they live to die another day, you can rest assured NCIX will not be able to conduct business the same way going forward. Seeing as the creditors are also the vendors/distributors, i'm sure they will have some serious controls in place when dealing with NCIX.
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If the suppliers in this industry are anything like the suppliers in the construction industry they'll whore themselves out to the reincarnate without skipping a beat and it will be business as usual.
Stupid as it sounds I see it happen all the time in my industry, these dumb asses keep getting burned and they keep extending credit. ABC 2015 is going out of business, you owe us tons of money but you need credit for your new company ABC 2018? Not a problem how much do you need? We want to be your go to supplier.
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