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The money would be used mainly to pay off secured creditors.

"The secured creditors took all the assets and left nothing for everybody else."

Then he will discuss the potential sale with the various secured creditors.

Secured creditors had asked all board members to disclose their holdings in the company.

The rest of the company's value would be distributed in cash and equity to the other secured creditors.

Secured creditors are those who had assets pledged to back their loans.

Therefore, any recovery would not go to secured creditors.

The ministry owes $46 million to secured creditors, or those with collateral.

The company's two secured creditors, owed $500 million, also agreed to postpone payments for several years.

Secured creditors may, however, petition the bankruptcy court for relief from the automatic stay upon a showing of cause.