unrestrictedsubsidiaries
One question that we frequently get asked these days is whether a particular provision, or a bond or loan agreement in general, allows a company to “do a J Crew?” Q1 2021 hedge fund letters, conferences and more How J Crew Moved Value Away From LendersIn a new report, Xtract Research looks at how J Crew and other companies have used weaknesses in their covenants to move value away from lenders and bondholders. Highlights from the report include: There are lots of ways for a company to move assets out of the restricted group, and so it’s important not to focus just on baskets dedicated to unres...
ValueWalk
Back in 2019, Xtract Research wrote about Unrestricted Subsidiaries and how the ability to capitalize them and use them for purposes detrimental to investors needed to be reined in. Q4 2020 hedge fund letters, conferences and more Two years later, not only has nothing changed, but both bonds and loans are just as permissive and, in some cases, pushing the envelope even further than before. In a new report, Xtract Research provides a refresher. Restricting the Abuse of Unrestricted SubsidiariesHighlights from the report include: Diamond Sports has for months been the subject of speculation that...
ValueWalk
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