Thu 12/09/2021 10:32 AM
Relevant Items:
Waterfall/Recovery Analysis (Excel Download)
Restructuring Agreement Presentation
German gaming group Lowen Play’s restructuring proposal would leave the group over-levered through the holdco debt level. Our base case analysis projects holdco leverage at 6.6x by 2025. In addition, the higher interest rate on the €220 million reinstated senior secured notes alongside the €30 million new senior secured notes (together, the post-restructuring SSNs) would mean that the...
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