Also, this plan gives creditors too large a stake, the executive said.

J. Christopher Shore, an attorney for the bondholders, said the plan gives creditors as much recovery as is practical.

The waiver is needed as failure to meet interest payments gives creditors the right to push the company into administration.

A second, that unsustainable debt gives creditors immense power over debtors -and power, as we know, corrupts even the finest.

It also gives creditors who claim they are owed more than $500 million their first and largest recovery in the bankruptcy.