The article stated that it is trying to get enough holders to join the group to collectively hold more than 33% of the claim class. That would mean the group would be able to block the approval of the current plan by that claim class, but not the actual plan itself (Reminder: Need 2/3 of dollar amount and a majority of the holders for that claim class to approve). At this point, it is not clear if the objection will focus both on getting a greater recovery and denying any payment to a lower priority class SDRL shareholders (There also may be yet another ad hoc noteholder committee formed best iphone bumper case, and I would expect an informal retail noteholder committee will be formed objecting to not being able to participate in the rights offers).
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