Shine I / IG4 - Run 5, Round 1

The signatory coalition makes the EJ a credible negotiating venue rather than a filing assembled around hostile holdouts. It also gives creditors meaningful consent and termination leverage.

Offer: accept reporting, cash controls, performance economics and a cash sweep. Consider contingent junior capital or equitization only within a complete package that defines valuation, dilution and reciprocal creditor concessions.

Move: use the stronger Q3 sensitivity to support extension first, while agreeing that missed cash-conversion and liquidity tests can trigger a more dilutive solution.

BATNA: defend residual value in RJ if the final plan demands immediate control transfer without a negotiated valuation.