That is an 'if'. They have raised around $250m in the last few...

That is an 'if'. They have raised around $250m in the last few years. There is no reason why equity doesn't tip in more to keep the party going.

But if it does, then Taurus are ahead of NHC in the debt stack. So Taurus take the first $77m, then NHC up to their $51m, and then Crocodile up to their $40m. If debt is all covered, then equity gets what's left.

NHC aren't charging - at current rates - around 14%, because there is nothing at risk. They're getting a 10% additional yield to bear the risk of BCB going under. As much as I thought BCB should've been long dead, it is still going. So as dire as things look for BCB - especially equity - it isn't that bad from a NHC debt - especially where they sit in the debt stack.

Famous last words. They'll probably go under tomorrow - lol!

FWIW: I hold NHC and don't care what happens with NHC's BCB debt. I've mentally impaired - note, I didn't say "I'm" - when doing my valuation. Any yield they get is a bonus.