Crystallex International

IB,

My understanding is that this DIP financing is a priority secured debt and therefore Tenor will move ahead of the current bondholders who hold unsecured debt. Therefore if the judge approves this DIP financing then the current noteholders will either have to wait for their money, renegotiate the current notes or negotiate for some other solution. All in All, the ball is in the noteholders hands and that have to decide to challenge this DIP financing from happening or extend the maturity date years down the road for them to get their 100 mill or they can try and work out a settlement for a lower payout. A lower payout would suggest cry would have to bring back in a PP to payoff the lower negotiated price to get rid of the current noteholders.

This situation isn't over but 1 giant step has been taken.

k