RE:RE:RE:RE:RE:RE:How Do the Converts Get RepaidI still think as best case (very optimistic), we get a blend and extend which will likely be punative to shareholders (more interest + up front payment + lower conversion price). Even with that, interest expense will limit FCF generation going forward.
If I were management, I would look to collapse the capital structure and convert the debentures into equity so that the business has enough flexibility to navigate the turnaround/recovery/growth (look at DGI). The large shareholder of CHH may look to block that however.
In my view -- the real opportunity is after the collapse of the capital structure. Not before.
You know you're stuff Method (as usual). Let's see how this plays out!