Was great timing to take Friday off and go skiing.....
Anyway would appreciate some thoughts on the following.
For the life of me I can’t understand why they suspended the hybrid divis, why would they offer it up to the debt holders? I obviously don’t understand fully the re-financing but from what I can see nobody holding their debt took a haircut.
As long they keep making their interest payments and stay within their covenants what comfort would not paying the hybrids give the debt holders?
Was this the same sort of pants dropping that led to the 15c deal? Did they want to share the pain around?
The announcements made it sound like they had no choice. I don't understand that.
Why for 2 years?
Thoughts?
Hold PA
hybrid divis - why suspend for 2 years?
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