RE: RE: Pref A, restructuring, etc
"Care to show the financial troubles? They have money in the bank, are paying the bills and interest on debt on time, and have been profitable - reporting positive earning per share. Even redeeming the Pref As for cash will leave them with money in the bank. That'll be a tough sell to convince any legal mind to allow this recap or bankruptcy at the moment."
What about the $369 million combined bank debt due in February 2013, and the two different MTN debts due in July and December 2013 of $255 million. How do you propose that they will not be in financial trouble if they pay off the $250 million to the A's? That's a total of $874 million due by December of 2013 and you can honestly say that "redeeming Pref As for cash will leave them with money in the bank"? Bottom line is, as it stands YLO can not afford to redeem the A's for cash and pay off all their debt as they come due- they'll barely be able to pay off the banks and mtns next year (and that's assuming that they actually pocket $60 million in cash per quarter - not free cash before one time charges, it has to be hard cold cash going into their bank account), and they won't be able to pay their 2014 mtn debt. And please don't go on with "if the banks would ..., if the mtn's would .... etc. It is what it is, neither the banks or the mtns are budging and without their agreement for an extension it's impossible to happen.