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Russo’s fault.

They were an interest only mortgage for 7 years, now need bondholders agreement to extend. They are in default.

Y You would have thought so. I can’t see how a company needing to go cap in hand for grants, losing money and with apparently declining attendances would be an attractive proposition. But who knows.

If the bonds are relisted, some holders may get out at them at less than face value, in the same way that some bought them at less than face value when they were being traded (as low as 40%). The bonds would still have a total face value of £35 million, losses in the first instance would be felt...

Perhaps £13 million grant to address dilapidations and put a new conservatory on would raise the value of the arena to act as surety for a loan of £35 million.

From a quick read back, it is 75% of the nominal value of the bonds which is not necessarily the same as 75% of the number of individual bondholders.

People selling them won’t kill them as a company, they will still have the same face value regardless of what they are sold for. The key will be who buys them at what price. If Wasps can buy them back themselves at less than face value their risk will be mitigated somewhat.

I believe they do - they had to do it once before IIRC.

They will need to get consent from bondholders to extend the term of the bond. The bondholders re pretty pissed off at the delay and the delisting from trading So possibly not guaranteed.

They have already.

I think your reading is spot on.

Sounds suspiciously linked to me.

Be interesting to see if they can get the bonds relisted. Some holders will have paid significantly less than face value and may want to cash out at a minimal loss.

I understand that a significant proportion of the bondholders (requiring organisation) need to instruct the trustees to act. The trustees themselves require indemnifying against the costs of such action. Looks like the majority of the bondholders are, so far, nervously sitting tight hoping for...

“Re: Tell me why I don't like Sundays !! Lol new EssexWasp 29 July, 2022 07:51 I haven't renewed my ST - poor fan experience at the stadium, team inconsistent [to say the least] and a real pain to get to and from Bury St Edmunds [especially with fuel where it is]. Looking forward to going to...

Tickets new Sting 21 July, 2022 18:02 Can anyone give me an idea when tickets for the first home game will be on sale. I know it's early, but if anyone got any info I would appreciate it. Thanks Eamonn Reply Quote Report Reply via PM Follow This Thread Re: Tickets new greenwood 21 July, 2022...

Agree, it’s far too late.

1070 points for me!

Good goal

Walker!