We were wrong and for that we blame Joe Royce and his management team, who over an extensive period successfully re-negotiated new covenants in their loan agreements without having to issue a high yield bond to reduce the bank exposure as we surmised. But then again, as an industry insider suggested, given their credit and the uncertainty surrounding the negotiations, it may not have been possible or the price was too high.
This is only an excerpt of At Last!
Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.
Tags: · AIG Commercial Equipment, Bank of America, Berenberg Bank, Commerzbank, Credit Suisse, DVB Group Merchant Bank, Joe Royce, TBS International, The Royal Bank of Scotland
You must be logged in to post a comment.