RE:RE:RE:Now that Armoyan has control I will evaluate his performanceIn a restructuring in BK process all assets will be valued at fire sale.:
All debentures (unsecured 158M$ + accrued interest) will be exchanged in new common shares. If they are rejecting the plan, the Tribunal will decided
The dip financing (150M$) is 100% secured
and will get the maximum of shares. The ratio 80/20 will be negotiated, it can be 70/30, never 50/50
| 31 Dec - 2022 | | GLA | $/sqft |
| assets | 1 869 362 000 $ | 7 520 247 | 248,58 $ |
| debts | 1 066 996 000 $ | 7 520 247 | 141,88 $ |
| 30 Sept - 2024 | | GLA | average $/sqft |
| assets | 1 375 648 000 $ | 7 068 038 | 194,63 $ |
| debts (bonds excluded) | 981 228 000 $ | 7 068 038 | 138,83 $ |
In USA the similar properties are selling over 270$ per sqft. The same price 270$Can per sqft is a fair price for SOT properties.
Selling all Ireland offices 746 803 sqft book value 242.3M$ (324$ per sqft - Sept 2024) vs 273.8M$ (367$ per sqft Dec 2022). Those Ireland properties impairment charges are very low or nil, the 30M$ is probably all depreciation.
Ireland properties NOI are increasing from 19M$ (Dec 2022) to 20.4M$ (SEpt 2024). No reason to decreased the market value of those Ireland properties.