$MDR Tranche B window was Nov 30-Dec 31, so they released it ahead of schedule, prompted by the end of the Senior Note grace period on Nov 30th and the timing of the holidays. Possible implications? (1) Lummus first round bids were adequate, (2) Ops largely on plan, (3) Senior Note negotiations are ongoing. Notably, future liquidity requirements moderate sharply if they stay on plan, which would be an upside given degradation in 7 of the last 8 qtrs. Still the credit is saying 95% chance of BK. GLTA.
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