Sellers of Tribune CDS Protection Face Large Payout
Matthew Cowley reports: The dire conditions facing media companies were highlighted by this week’s auction to settle credit derivatives ... agency, had already suggested that recovery values would be “negligible” for the bonds, at between zero and 10% for secured notes and debentures, senior unsecured debt, and subordinated debt [more...]
Date: 2009-01-07 09:50:00
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Sellers of Tribune CDS Protection Face Large Payout
Matthew Cowley reports: The dire conditions facing media companies were highlighted by this week’s auction to settle credit derivatives ... agency, had already suggested that recovery values would be “negligible” for the bonds, at between zero and 10% for secured notes and debentures, senior unsecured debt, and subordinated debt [more...]
Date: 2009-01-07 09:50:00
Things I’d Like to Post About Today ….. (120608, Morning)
….. But I Don’t Have Any Time For: Great quote, from Z. Dwight Billingsley at the St. Louis Post-Dispatch (HT Hot Air) ... there is no way to make these taxpayer loans senior to existing secured debt — meaning the government might [more...]
Date: 2008-12-06 12:06:34
Midway sold for $0.0012 per share
According to this Reuters report, quoting the Wall Street Journal, Sumner Redstone has sold his 87 percent share in Midway to investor Mark Thomas for $100,000, or $0.0012 a share. Thomas will assume $70 million of senior secured and unsecured debt. The sale [more...]
Date: 2008-12-01 12:43:33
Scarcity of Debtor-in-Possession Financing Forcing Earlier Bankruptcy Filings
In more normal times, when a company faces the risk of bankruptcy but believes it has a viable business, ... to debtor-in-possession financing. The DIP financing is senior to all outstanding debt, and is generally ... limited non-DIP financing with this approach (particularly secured financing). But a Morgan Stanley [more...]
Date: 2008-12-13 06:17:52
Fire-Sale Prices Could Mean Equity Returns for Loan Investors
Long before Black Friday and the start of the holiday sales season at the local mall, ... performing loans (i.e., senior secured obligations of non-investment-grade companies) have been trading ... sales are taking place in high-yield bonds, preferred stock and other debt instruments. A key word [more...]
Date: 2008-12-31 17:11:46
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