Speaking of debt for equity/distressed funds picking up ELD debt, there's a mention of ELD in an article on BBG in today's AFR Street Talk (for members or take a free trial):
http://www.afr.com/p/opinion/moelis_gilbert_tobin_join_billabong_wbwi9FW3aFk8KVmHZsBISP
"The other one worth watching in the distressed debt space is Elders. While there is little doubt Elders is in the spotlight of its lenders and some lenders may be willing to sell out of the syndicate, it is thought hedge funds have been scared off by a complicated capital structure and the messy package of debt facilities."
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The hybrids are the "poison pill", I guess, that makes ELD different from BBG.
Futuris sale must really be close, imo. $70m less debt = a better ELD. It's a 20% deleverage.
time for plan b , page-27
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Mkt cap ! $1.439B | |||
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