RE:RE:RE:RE:RE:secured interest received - TxIattice wrote:
I wasn't sure if they would skip the Oct 1 coupon but that leaves the Oct 15 payment on the unsecureds. Rad, although the secureds are impaired, I do think that part of it may be reinstated at the expense of the unsecureds which are already priced for default. There is a recent trend of handing out generous % of equity at the expense of the unsecured bonds and cutting them off from post-org equity (as in what happened with SDRL). Good luck to all.
Hi lattice - great to hear from you. I hope you are right. Concordia is not going to catch any breaks from the banks or the secured noteholders. The secured prospectus looks fairly iron clad as the bond was issued under duress. Why would secured holders negotiate? Total secured debt is 350 million plus the line of credit............................... Total debt is 3.7 billion. Secureds have actually gone up since the interest payment to 78.5 from low to mid 70s.
Unsecured are trading in the mid teens - surely they are done. Equity is toast.......... Prolonging the pain is better for the secured IMHO................ With the yellow media recapitalisation - the unsecured subordinated debentures got hung out to dry. Mid term note holders did reasonably well.
What is going on at Teva?