Fri 05/15/2020 04:00 AM
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Unrestricted subsidiaries have hit the headlines more than once since 2015 when a number of U.S. groups, most notably iHeartCommunications, J.Crew, Claire’s, Neiman Marcus and, more recently, PetSmart, used the flexibility available to them in their debt documents to move valuable assets beyond the reach of their lenders. While the mechanics and motivation for these transactions vary, the unifying factor is that they all involved transfers of assets to companies not subject to the credit...
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