On the whole, how much are our assets worth and what will creditors accept thing...
Genuine question...
Could the offer be structured to the creditors in such a way that payments are deferred and possibly even absed on performance?
Let's say, for sake of argument, that a firesale would net Aviva £2m. Then that's it, they close the file and write off the rest of the £24m debt.
But supposing a deal could be structured with Aviva over a 25-year period. They get £1million now and then, say, £100,000 per annum for every year we spend in League One, £250,000 for every season we spend in CCC and £1m for every season we spend in the Premiership.
Maybe I haven't got these figures right, maybe the creditors would never entertain such a deal, but it seems to me that a structured deal might offer LESS money than a fire sale, but still be MORE attractive to the creditors.
QED. If a fire sale would produce £x for the creditors, a new bidder could offer less than this and still have their deal accepted.