Not replace with corporate debt, but replace with the mother of all hybrids.
Would ultimately dilute BBI to zero (and BBI WONT get a capital contribution).
If BBI somehow generated enough cash (through either operations, or asset sales), there was a 50% 'repayment penalty'. So basically, if BBI wanted to repay corporate debt in cash, it would need to generate 150% of the corporate debt amount.
And finally, the interest rate to be charged on this Hybrid was astronomical.
BBI Price at posting:
3.5¢ Sentiment: Sell Disclosure: Not Held
