ideally, you read the latest financial statements, which somehow magically showed $250 million into a category called "short term liabilities". those are not earmarked for mtn payment, but rather preferred a repayment upon retraction. and if that isn't enough to convince you, the magic of time in 7 days might.
 

Thanks. I read the financial statements.

 

The Pref A $250 million is shown as a short term liability because if nothing changes, the holders will have the right to demand $250 million from Yellow Media at the end of December. But something will change, because either the restructuring will happen or Yellow Media will give official written notice that they will convert the Pref A to common shares as allowed in the prospectus. 

 

We know that this will happen because:

 - Yellow Media has promised the banks (in the lending agreement, which is available to the public) that it will not redeem any preferred shares for cash

 - Even without this legally binding promise, redeeming Pref A shares for $25 cash under the current circumstances would be mind-bogglingly stupid

 - Pref A shares currently trade at 56 cents, indicating that the market doesn't think there's even a 2% chance they will be worth $25 in 5 weeks