RE:Debentures due in SeptemberI think we will know in early February on the conference call. The sale process for non-core assets has been going on for 6+ months now and they should have a good idea of the interest and potential cash they will be able to raise. Additionally they will have more visibility into the content backlog for the rest of the year and into 2025. Finally, they will have insight into ad spend on Spark (if it is flatlining, declining or picking up) and momentum in consumer products.
I reckon the worst case scenario is they have to issue 60mm shares at the current levels and refi 1/2 of the debenture at 6-7% with a conversion in the $3-4 range. Best case scenario is they don't have to refi any of the debenture and somehow pay it off with proceeds from asset sales and some for of second lien asset backed loan facility.