It's not just the amount of debt (220m ?) that is the problem. It is the crippling interest rates/terms :
LIBOR + 11.0%
With step-up penalties for non payment.
This is astronomical, in anyone's book.
if it was a personal loan, would be declared illegal and have the today-tonight crew chasing down the loan sharks with cameras.
I can't see how ISF can recover from this point by themselves.
Given that the debt grossly outweighs the equity (220 vs 40), if another party steps in to repay the debt, there's not going to be much left in the way of equity over to go around.
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