I don't think there's anything new in this piece, but it is evidence of the headwinds the sp is currently struggling against.
I'm in two minds about the notes. I think they're an attractive speculation, on the one hand, with a YTM of +90%.
On the other, I have no idea what the effect would be if BEC asked note holders to defer repayment.
In the ACR case, which has been quoted here, I think I'm right in saying that PWC made the decision to accept amended terms.
Would it be possible for the BECG trustee to make a similar decision on our behalf without consulting us?
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