Ms Tara Keane:

There is a possibility that there will be objections. That is just an unfortunate reality. We must provide people with an opportunity to object in order for the process to be compatible with the Constitution. We cannot mandate a write-down of property rights. However, what does happen here is that one only needs one class of impaired creditor to approve the rescue plan, so that means if over 50% in one class approve it then this can be imposed on the other classes. There will then be a cooling off period within which the objections can come in. The extent to which people approve the plan is really dependent on the quality of the process adviser's report and how much he or she has convinced them that this is the best way to go. What process advisers have to do is to prove to creditors that they will be better off in this scenario than they would be if the company were wound up and that they will receive more money this way than that.