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Amazon Second Chance Pass it on, trade it in, give it a second life. A high level overview of a complex segment of the market, but concisely presented into a number of key principles for the distressed investor. Please try again later.
This is not a suitable book for retail investors, unless the issue happens to be very large and liquid e. Share your thoughts with other customers. Very well dostressed with great insight into how the legal structure of Chapter XI can influence financial decisions.
On the negatives the first is that its written from thr context of the US legal environment. Want to Read Currently Reading Read. This blog will try mkyer dissect distressed debt investing, up and down the capital structure. With Safari, you learn the way you learn best.
We will look at current distressed debt situations, try to explain the ins and outs of how decisions are made in the distressed debt world, probably rant a few times about positions that are working against me, and hopefully enlighten some readers. Amazon Giveaway allows you inveesting run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.
ComiXology Thousands of Digital Comics. The author also had to simplify a very complex subject in order for readers t This book is apparently a must read for distressed debt investors. One person found this helpful. While not for beginners to finance, it should serve as a handbook for appreciated downside risk in equity investments and will provide equity investors with a better lnvesting of the credit world.
Christopher Bosco rated it it was amazing Feb 27, Set up a giveaway. Learn more about Amazon Giveaway. Case Studies in Bankruptcies, Buyouts, and Breakups. You sir are a hero. Moyer breaks down concepts the way the most astute market participants view them and lays out the building blocks for valuing credit and distressed investments. This website uses cookies to improve your experience while you navigate through the website. Paradoxically, if there are too many holdouts then the exchange will fail.
Hey, would anyone mind to share the link? Jan 22, Ajitesh Pahwa added it. Morrow Bailey rated it really liked it Aug 19, Sorry, you need to login or sign up in order to vote. Shopbop Designer Fashion Brands. Rushi rated it really liked it Feb 06, May you please pm me the pdf if you have? English Choose a language for shopping.
The book covers the broader financial devt of the reorganization and the basic process of investment analysis and investment strategies. Sep 22, — 4: Sep 17, — 2: Jul 18, — 8: Now when I went in the folder, it said it is empty: About Me I have spent the majority of my career as a value investor.
Should Hawker keep it current business mix or discontinue or sell parts of it? Raytheon purchased Beech in to diversify its largely defense oriented operations into civilian aviation. The purchase price represented 8. Deliveries for both business jets and turboprops had been recovering strongly since a cyclical trough in Business Jet demand in particular had been buoyed by the growth in factional ownership schemes that had significant tax and regulatory advantages compared to the leasing market.
Moyer Page 6 Business Jet operations were hard-hit during the recession, particularly the Hawker which suffered the cancellation of the NetJets order. Also contributing to the sales decline was a particularly acute fall-off in used aircraft prices which made the implied economics of new aircraft investment exceptionally unattractive. However there the biggest issue appeared to be new entrants.
Embraer had entered the segment with the very competitively priced Phenom And although it had experienced several delays, Honda was scheduling deliveries for its heavily promoted HA and reputedly had a 65 plane backlog. In December , Hawker decided to curtail production of the Hawker until inventory became aligned with demand. In December Hawker took the further step of suspending development of the new Hawker that would replace the prior Premier series citing a weak outlook for the light jet market.
Moyer - D e l i v e r i e 50 s 0 Total Deliveries Revenue Backlog Page 7 Propeller driven aircraft had always been the focus of the Beechcraft division. Beechcraft also manufactures and sells a variety of single and twin piston engine planes primarily under the Bonanza brand. The contract was for the delivery of approximately aircraft, called the T-6, through and then service and support potentially through The T-6 is a single-engine turboprop capable of flying mph.
Almost immediately after the close of the LBO, serious production problems arose with the trainer due to quality control issues associated with an essential vendor. These problems continued into but Hawker was able to make some deliveries to the U.
Air Force and to all of its foreign customers. Deliveries spiked in as the supply issues were resolved. Moyer Hawker developed a modified version of the trainer, the AT-6, for consideration. Embraer was a Brazilian aircraft manufacturer but said it would use U. Hawker immediately challenged the award in court and in February the Air Force withdrew the contract with Sierra Nevada and agreed to re-evaluate the award decision.
Trainer backlog at the end of was down materially due to primarily to U. Defense department cutbacks. Hawker has 11 owned service centers in the U. The Support segment had been a strong and stable performer since the acquisition. Operating margins had been significantly improved by a combination of tight expense control as well as expanded gross margins on part sales. The modest revenue decline in was attributed to a customer deferrals of certain maintenance processes that were subsequently completed in Proceeds of the Incremental Term Loan were used to pay-down the revolver.
As of March, Hawker was getting low on cash and needed additional capital immediately or it would be unable to pay for essential components to keep production lines running. The first was timing. Strategically, Miller, who had only been on the job for only five weeks, wanted to at least attempt to see if a voluntary restructuring was feasible and avoid a Chapter 11 altogether. Miller said he needed at least 60 days to organize the creditors, attempt to negotiate a voluntary deal and, failing that, prepare all the paperwork needed for a pre-arranged Chapter The second issue was collateral.
The fact that the secured debt and senior unsecured notes were trading at 70 and 25, respectively, implied that the market was concerned that the company might not be worth the face amount of the secured debt and that there was likely little value for the unsecured creditors.
As a matter of fact…. The perfection of security interests in newly manufactured aircraft actually had some nuances that very seldom came up in the financing context relative to the process of perfecting a security interest in existing aircraft. In simple terms, Federal Law requires a lien filing usually documented as a mortgage lien with the Federal Aviation Administration FAA to perfect a security interest in an aircraft—this is in contrast to county e.
Sedgwick County, Kansas level Uniform Commercial Code filings that would typically be used to perfect work-in-process inventory during the manufacturing phase. The general rationale for the FAA filing requirement is that a mobile plane is not associated with a specific location and thus a prospective creditor would not know where to look for notice of a prior lien if geographical filings were deemed sufficient.
The reason for this grace period, presumably, was that once the aircraft was certified as airworthy, Hawker would immediately want to deliver it to the customer so that a completion payment could be collected. The graceperiod avoided the expense of making mortgage filings that would immediately need to be redone once the customer took possession. However, during the downturn, Hawker had continued to manufacture aircraft, in particular the Hawker , even though it had no binding contract with an end customer.
As of March , Hawker had 18 fully completed aircraft for which airworthiness certificates had been granted and 31 additional aircraft that were fully assembled and capable of flight. None of these completed aircraft were subject to Mortgage Lien filings with the FAA thus the Kirkland legal team concluded that these assets could be pledged to a new lender who could properly perfect its security interest. The Kirkland team had found Miller the collateral he needed to raise new money.
So not only had Kirkland found Miller the collateral he needed to raise capital, they had also potentially found a way for GS and Onex, whose original equity investment was clearly worthless, to continue to participate in the restructuring process and potentially retain a stake in Hawker.
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