I don’t think so.
Because: the bond holders of the super priority notes (the first wave of people to get paid back for the $650M/$1.7B bridge loans) will make sure they get fair/good $ for Lummus. It is no bond holders’ interest to let Lummus go for cheap....unless the bond holders are selling to another company they have equity in.
But I don’t think it will go for A bargain basement price. I certainly think MDR is negotiating from a position of weakness, and that will hurt the final sale price.
If I were a betting man. (Pure guess) I’d say it goes for $1.0B-$1.5B (a far cry from the $2+B DD said it was worth)
After the disappointing sale price. MDR will likely seek reorganization/bankruptcy.