beh
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Post by beh on Apr 28, 2020 13:04:38 GMT
How is this beneficial to the landlord? In the short term they'd get their money but surely they'd struggle to get anyone in beyond that?
Not just because I have some of the bonds, over many years it's been a reliable place to eat. Unlike some of the other chains I can't recall having a bad meal there.
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garfield
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Post by garfield on Apr 28, 2020 14:39:52 GMT
I wouldn't have thought the landlord would or should get much sympathy in the present circumstances.
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Post by kazamx on Apr 28, 2020 15:41:45 GMT
I thought the Government put a block on this sort of thing while everyone is in lock down. Does that just go for residential and not commercial?
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Post by kazamx on Apr 28, 2020 19:35:26 GMT
Well in that case, gotta give them credit, nicely played.
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Post by easterndreams on Aug 4, 2020 22:59:30 GMT
Looks like we could be nearing the end of the road for Pizza Express www.bbc.com/news/business-53635238Unlike many other companies that default though, it seems they are still profitable before debt repayments, so hopefully some of the debt will survive a restructuring! I feel sorry for the guys who paid £900M for the equity, they must be sitting on a big loss by now...
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Post by gadget on Aug 5, 2020 5:40:34 GMT
I feel sorry for the guys who paid £900M for the equity, they must be sitting on a big loss by now... Really? Where do you think the debt came from? That 900m...
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Post by easterndreams on Aug 5, 2020 7:17:03 GMT
There is a restructuring slide deck up on the website now next to each of the debt tranches.
The senior tranche is getting swapped for new bonds that pay more interest but at about 1:2 face value of existing debt, and some equity in the new business is coming to us (not sure how WA deals with that!).
The subordinated tranche is essentially getting wiped out. I think it said they get 1% in cash back.
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djay
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Post by djay on Aug 2, 2021 11:24:39 GMT
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agent69
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Post by agent69 on Aug 2, 2021 12:27:04 GMT
The equity changes hands through private platforms and the shares are illiquid
How much of a problem is that?
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djay
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Post by djay on Aug 2, 2021 20:13:40 GMT
The equity changes hands through private platforms and the shares are illiquid
How much of a problem is that?
Of course it's a problem for small investors to check out at will, but I expect WA will offer a collective exit at some point in the next few months for those looking for it, similar to the exit they provided for AMC. I also don't think the funds holding most of the equity will want to hold it for very long so I expect either an AIM listing or private sale at some point as things settle down.
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bababill
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Post by bababill on Oct 29, 2021 0:41:06 GMT
Any update on this ? The results of the restructuring plan was posted on Oct 23.
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Post by kazamx on Nov 23, 2021 18:23:32 GMT
WA seem to be a bit off their game at the moment. They still haven't dealt with the Travelex subscription even though they got the bonds/shares a month ago.
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