This pre-pack has been well planned. Headlines of those buyer senior secured positions were pre-bankruptcy reflective of such visionaries 'buying Audacy.' Seriously, tipping the hand, good to note. So now we have a debt for equity exchange. At what exchange rate? If dollar for dollar, to wit, then equity is worth it also.
Fascinating to see the same big BK players run this game ad infinite and only get consequences a couple of time (WAMU for one, the NOL valuation buried, only to be resurrected by equity members).
So, who's chomping up the shares? The same debt holders to get that equity under control.
However, could be more to it. Bringing equity along (regardless of the allowance of value) makes the preservation of the NOLs under 382 'better protected' and more valuable.
We'll see. A PETITION for Equity Committee likely in the 'drafting.'
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