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Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years - Ep.377
Unchained
Is There Any Model To Reorganize On?
The voyager's big issue is a the it was making. Its loan book was ridiculously concentrated, like 58 % of its loan book was three arrows capital,. The insanity of that is beyond description. And here we'e got 58 % of their loan book, which is pretty much all their assets, going too to one borrower and 99 % are over six counter parties. It's just nuts.
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