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

Debentures

[Northforce13]

It is possible that the recap plan asks deb holders to extend maturities and lower interest rates.  Possibly with a minor sweetener included.  

The (suspicious) asset writedowns conveniently suit the purpose of causing the amount of equity in front of the debs appear less.  Thereby increasing the perception of the value of a capital injection.  Thereby increasing willingness to vote positively on a proposal involving such. 

Such an interesting story

[rad10]

Forced conversion considerably more likely.  Remember they have been in default.  Massive dilution inbound.  GA owns a lot of them so dilution isn't terrible for someone who wants control of the equity. Alternative is to pull a Sherritt style PIK note issuance.  Either way there is no huge pot of gold at the end of this rainbow.

[ABDPhil]

@Rad10: Indeed, capital control is a value that GA will be able to appreciate, unlike small holders who will be forced to watch without intervening.   Relieved of this financial pressure, the restructuring will be able to be done in an orderly manner, over time. That said, anyone who expects everything to be resolved with a magic wand should instead start a unicorn farm. It will take time