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This podcast discusses voting cap restrictions and their impact on a company or credit's financial covenants. They explore the unique voting cap provision in Ancestry's high yield issuance and how it limits the percentage of notes an individual can vote on. They also discuss how issuers have the power to expand or raise the cap without further consent. The podcast delves into the technique of voting cap restrictions used by issuers to have power over decision-making through voting, and the potential influence of ownership percentages and net short holders on voting rights.
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Quick takeaways
- Judge David Jones expressed concern over the disparity in recoveries for unsecured classes during the Chesapeake confirmation hearing, highlighting the differences in valuation between Chesapeake and comparable companies.
- The Puerto Rico Electric Power Authority (PREPA) approved a renewed interagency agreement with the PREPA Revitalization Corp, aiming to execute a debt restructuring plan through a securitization mechanism, which could significantly address Puerto Rico's debt.
Deep dives
Chesapeake confirmation hearing raises concerns over disparate recoveries
During the Chesapeake confirmation hearing, Judge David Jones expressed concern over the disparity in recoveries for unsecured classes. The hearing highlighted the differences in valuation between Chesapeake and comparable companies, raising doubts about the debtors' plan. Testimony from Chesapeake's CEO and CFO shed light on liability management transactions, RSA negotiations, and other aspects of the company's financial situation. The judge emphasized that the separate treatment and recovery of Class 6 unsecured notes claims and Class 7 general unsecured claims presented a significant challenge.
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