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Distributed to the subordinated debtholders

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The steel Pony company is having financial difficulties due to high interest payments. The estimated "going concern" value of the firm is $3.2 million. The senior debt claim is on all fixed assets. There are current assets of $1.1 million, fixed assets of $2.9 million, senior debt of $2.2 million, subordinated debt of $1.8 million, with the remainder allocated to stockholder's equity.

Assume the firm files for formal bankruptcy and sells the firm for the estimated "going concern" value and nets 92% of that amount after wages are paid. What amount will be distributed to the subordinated debtholders?

A. 709,000

B. 721,000

C. 744,000

D. 811,000

E. 687,000

Reference no: EM131767505

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