Oaktree Strategy

From the news, Oaktree hasn't called in the loan and BLA isn't insolvent (but may be if the loan is called hence the voluntary admin.), they breached a covenant which is a breach of loan conditions. The company didn't seem to be going anywhere so they called in the receivers. The company needs proper cost cutting which should be what it is getting now.

Oaktree and BLA's dual customers may try and self manage their funds via class action or threaten boycotts. Liquidation may also cause loans to be recalled from funds. As its not their vulture capitalism fund they may loose their reputation to get future deals putting them into a similar situation to BLA.

So if Oaktree was trying to get the just call the 97 mill and Korda Mentha would just liquidate. It must be more complex then that, what is your guess?