when we get another GFC or worse and TCL is unable to re finance their debt, they will have to sell some assets, now selling a toll road during a GFC will be very difficult, selling a toll road is not like selling an office building or selling a warehouse etc.... trying to sell a toll road during a financial crisis will be no easy feat, especially as credit markets will freeze up and other companies will find it very difficult to get financing as well, unless TCL has very friendly bankers willing to keep extending the maturity date of TCLs debt, it would be at risk of default.
If I was TCL management I would be wooing wining and dining as many bank CEO's and execs as I could, when the next GFC hits having lots of friendly bankers on your side will be key to survival for this company.
TCL Price at posting:
$11.60 Sentiment: Sell Disclosure: Not Held
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