Victoria PLC’s debt refi is a battle of gamesmanship – $VCP

by Teri Buhl This story has been updated Most creditors for Victoria PLC, a London based flooring company, have been left in the dark for two weeks after Octus (Reorg) reported loose details on a potential uptier in conjunction with an amend and extend offer was made for its €500 million bond due in 2026. Sources say most Victoria creditors, which includes a ton of CLO funds, haven’t seen any A&E offers, the company hasn’t approached them with a deal, and that it was US hedge fund … Continue

Bankers calling the shots; While MPT still thinks its Investment Grade – $MPW

The relationship between MPT and its long bondholders has been a game of one-up-manship for nearly a year now. Creditor groups have formed, advisors hired and fired (Evercore & Paul Weiss), and money wasted trying to get the company to engage in refi talks but MPT refused to bend. GoldenTree even tried their own one off priming offer over the last year but failed because MPT's leadership keeps with the line that their bonds are 'investment grade'. But now with a rush to convince new and existing … Continue

MPT moves toward new Secured bond offer – $MPW

This story has been updated Medical Properties Trust has hired Goldman Sachs to soft market a $1-2 billion new issue secured bond at 10% interest, according to multiple sources familiar with the deal. Questions remain on what the use of proceeds would be restricted to and it’s unclear on who would be allowed to participate […]

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MPT – Management’s gamble with time to refi could be costly – ($MPW)

Medical Properties Trust is currently negotiating with a bank lender group to draw down more cash to pay off at least one of its upcoming credit instruments and its bankers are making moves now to sweep up billions in MPT’s remaining unrestricted collateral, sources say. According to a person familiar with the negotiations the bankers […]

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Something’s Rotten in the state of Sweden’s SBB

by Teri Buhl Sweden’s largest publicly traded real estate company’s stock traded up today (22%) with a view that it has beaten a group of sophisticated dissenting hedge fund creditors at their own game—at least in the short term. Samhällsbyggnadsbolaget i Norden AB (known as SBB) orchestrated its own debt exchange without engaging with any […]

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SBB creditors invited to join Fir Tree bond acceleration campaign

by Teri Buhl This story has been updated. SBB creditors recently participated in a call hosted by attorneys from Cleary Gottlieb in an effort to inform and update other bondholders’ about the work they have done to hold SBB’s management accountable. These London based lawyers are currently polling other creditors interest in joining Fir Tree […]

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U.S. Government charges Andy Defrancesco with Securities Fraud

Andy Defrancesco at a Pot Farm

This story has been updated Canadian small cap financier Andy Defrancesco has been accused by the U.S. stock market regulator of securities fraud for his role in leading a pump and dump scheme of Cool Holdings ($AWSM). The SEC filed its complaint in the Southern District of New York on Friday, January 6 and also […]

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Convicted fraudster A.J. Discala makes Hail-Mary move to stay out of Jail for 11.5 years

This story had been updated: A.J. Discala finally reported to prison on May 2, 2022 at a minimum security facility. Oringinal Text 12-30-21 Convicted penny stock schemer A.J. Discala is making a last ditch effort to not report to prison for 11.5 years by asking the court to allow him to stay out on bail […]

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