RE:Meantime over at Delphi... the banksters moving in for bloodDelphi was unable to obtain permission of the Senior Lenders to unwind and monetize as little as $1.8 million of Delphi’s in-the-money risk management contracts with a mark to market value of approximately $15.2 million as at April 9, 2020, which would have brought Delphi onside its Total Debt to EBITDA ratio covenant.
Hmmm? For once it looks like the bankers made a good call. WTI settled 22.76$ on April 9and 20.11$ today. 11.64% return in 2 trading days. Annualize that and it looks pretty smart. I truly doubt that $1.8mm would get DEE back into convenant. EBITDA on strip is going to be UGLY. Bank has bigger issues than some minor trade concerns from a no-name piss ant junior up there.