Posts tagged INTRALOT
(Debtwire) Intralot restructuring deal drags on, as talks with 2024s stale

As the 2024 ad hoc group holds just north of 10% of the 2021 notes, the consent achieved as of early February means that a number of smaller 2021 investors didn’t sign up to the lock-up agreement, which is surprising given it is a really good deal for the 2021s, noted Sarria, an independent special situations firm. These holders could give consent at a later stage, but even with them on board, the company will probably fail to reach the 90% threshold, Sarria added.

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Guest UserINTRALOT
(Debtwire) Intralot restructuring plan faces pushback from 2024 bondholders with potential litigation risks

“The option to partially exchange for 49% of that Dutch NewCo entity doesn’t sound like a great idea," said an analyst as special situations firm Sarria. "You would have no trigger point for that paper and Intralot entertains inter-company dealings between its Greek and US entities. If instead you decide to remain 100% a creditor of the group, you would not only earn more coupon, but also have both, an implicit economic claim to the 51% of that same entity and on everything else too. While some consider the remaining group a net liability, we would certainly choose the hard maturity over theoretical economics here.”

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Wolfgang FelixINTRALOT