Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB

RE:RE:Now that Armoyan has control I will evaluate his performance

[TVR]

Your suggestion Armoyan could provide DIP financing in a formal CCRA or bankruptcy proceeding seems like it could be one of the possibilities here.  However the suggestion that the secured debt could be renegotiated to 4% (or lower) is unlikely to fly.  No way the debt secured by the Ireland portfolio is going to go down to 4%.  Also highly unlikely the debenture holders will agree to anything that gives them less than 50% recovery and even that is a very big ask.  Under your DIP scenario I think a more likely outcome is both the debenture holders and the Ireland secured debt holders would push for an asset sale and roll the dice on the outcome.  Ireland debt holderss could also take possession of the Ireland portfolio that secures their debt.

Lots of possibilities here but none are good for equity unit holders.  I am surprised how well the unit price has been holding up. 

The longer this drags on the more likely it ends up as a formal CCRA  restructuring rather then the current "Monitor" situation. If that happens both units and debebtures trading is likely to end.