Sir Royalty Income Fund T.SRV.UN

Alternate Symbol(s): SIRZF

Consumer Cyclical Restaurants

SIR Royalty Income Fund (the Fund) holds investment in SIR Corp (SIR). The Funds' investment, SIR is engaged in the business of owning and operating full-service restaurants in Canada. SIR has concept restaurant brands, including Jack Astor’s Bar and Grill, Scaddabush Italian Kitchen & Bar, and Canyon Creek Chop House, signature restaurant brands, such as Reds Wine Tavern, Reds Midtown Tavern, Reds Square One, and The Loose Moose, which are used by SIR under a license agreement with SIR Royalty Limited Partnership (the Partnership. The Fund receives distribution income from its investment in the Partnership and interest income from the SIR Loan. The Fund indirectly participates in the revenues generated under the License and Royalty Agreement through its Investment in the Partnership.

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Sir Royalty Income Fund > Statement from the Independent Trustees

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Comment by jcw604on Jan 09, 2021 9:06am

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Post# 32260820

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Statement from the Independent Trustees

I think that the theory that the SIR corp is going bankrupt and they need to renegotiate their debt with their lenders by improving their asset quality is only something the SIR corp owner trying to project to the unit holders of the fund. I don't think that they are under pressure to improve their asset quality despite that they have been breaching the covenant requirements of the lenders. In fact, they have also breached their covenant with us as the unit holders of the fund when they have distributable cash of 7 cents and didn't distribute any of that to us. The lenders who had extended their grace to their covenant breaching in the last year is unlikely to not to do the same this year especially being able to see the light at the end of this pandemic tunnel.

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