FIY- One post from an advisor

Nothing is for certain until it happens.
I view the likelihood of an EK bankruptcy filing to be highly likely. In my opinion, no other conclusion could be drawn from the recent bond prices.

I would also not question the Debtwire story that Exide is attempting now to line up debtor-in-possession financing applicable to a post BK filing, and the part of the story that the bond owners have already hired their own attorneys.

The bond prices have been flashing for weeks the likelihood of a BK filing before the maturity date of the 2013 busted convertible.

When analyzing this kind of issue, institutional investors are pricing a 2018 senior secured bond at about 65-66 cents on the dollar. That can not be disputed.
Ask yourself this question. If a secured lien bond is worth only about 2/3rds of its principal amount, what does that say about the value of the common equity? How can the common equity be worth anything if institutional investors believe that the secured note is worth far less than its principal value?