Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB

RE:RE:Debenture Holders Now the Key to Restructuring

[TVR]

T2T -

No question Arrmoyan is probably the largest unitholder and would certainly want to recover on his investment.  However, I do not htink he is a large enough unitholder or has deep enough pockets on his own to get the secured lenders back on side.  The debt ratio is now around 80% and is not sustainable which is why I think the debentures will likely have to be converted.  Changing the terms of the debentures (interest rate, maturity extension, conversion value) will not change the current untenable debt ratio.   Unless somebody finds a way to retire a big portion of the secured debt the convertibles probably have to go.