macq
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Post by macq on Jul 27, 2020 8:19:43 GMT
Any news on these bonds ? They look like good value. not sure about good or bad value but if memory serves at the start of this month they were in dispute with the large holders of the bonds over refinance and job cuts and looking for a cash injection and how to proceed so you may want to check how it went?
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elliotn
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Post by elliotn on Jul 28, 2020 7:24:40 GMT
In the 'hugger's abeyance, some bullets if I may:
- Moody's downgraded in Q2 from B3 to Caa2, negative outlook (Senior Secured Caa3) - had a bad virus when dealerships and production shut down - cld have a bad Brexit due to imported EU auto parts - suffering from liquidity crunch and looking for working cap finance & loan covenant waivers - secured bondholders rejected new bonds secured on their Classic car collection & HQ, potential 20-30% stake in F1 could be sold.
Low price looks justified imho/dyor.
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