They are ranked ahead of AHUG. But it is the fact that AFG has the mezzanine facility and has also provided a Letter of Support that makes it interesting. If it was some other lender with the mezzanine debt then AHUG looks very shaky; if Alleasing were to get liquidated AHUG holders would join the creditors queue and would probably get nothing.
However, the catch is this:
a) AFG wants its money back
b) to get its money back everybody with a charge, including AHUG holders, has to say OK
c) the AHUG holders will only say OK if they get enough of a pay out, and can threaten trying to enforce the Letter of Support - where AFG could be liable for the entire AHUG amount - if they are not happy.
So basically AFG has to broker a deal with the AHUG holders to get a satisfactory outcome for themselves.
AFG Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
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