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debt further, this needs to be done anyway anyhow. Make a third lien class at $25. Make a 4th lien <br />whatever. It can not hurt. They should constantly be tendering for debt. <br />28 Jan 2016, 07:58 AM <br />goodquest <br />Constant tendering seems feasible and may work well in BTU case. BTU is unique because of its <br />significant asset base in Australia that secure debt holders may not want to lose pushing for <br />bankruptcy - they should be more willing to cooperate for its survival instead. <br />28 Jan 2016, 09:46 AM <br />briian65 <br />flip - what are they going to use to tender for these bonds? <br />28 Jan 2016. 10:22 AM <br />fliper2058 <br />Briian, <br />Does it matter? The issue is why not? Allow bondholders to make the choice. I think they would <br />be surprised at what might be taken. <br />Even if 1/3 take the tender, so what? The interest savings is huge. <br />Throw a pile of OTM warrants in them.... <br />I guess I am saying when you bonds are sub $10, you need to be aggressive as hell. There is no <br />real sense of urgency here. "Just buy time". Repairing the balance sheet ASAP also allows you <br />faster access back IN to the credit markets on any recovery. I don't get the ho-hum moves <br />here ... it's a start but this should be a no bars held attack on the debt. <br />Is a 4th lien at $20 worth more than a $6 debenture? Sure it is to some. Make them open to all <br />not just 144A. That game is a scam. <br />28 Jan 2016, 11:19 AM <br />LuvMyBonds <br />Hi Fliper, I don't understand why they aren't using the revolver to repurchase debt. Even if the <br />strategy is to employ the revolver as a bridge loan until other assets are sold and then the <br />revolver repaid when the asset sale settles. At the current debt price an investment of $50MM <br />could retire hundreds of millions of dollars of debt (but likely not more than $500MM). The impact <br />on the equity would be staggering. <br />28 Jan 2016, 01:43 PM <br />