Outrider seeks consensual restructurings where possible, but pursues active litigation and bankruptcy processes where necessary to obtain fair recoveries for our investors. "
Given the above it's surprising they didn't see through lending to the subsidiary without the parent co. guarantee I hope given what they usually do to companies there maybe little sympathy to them. Also, they'd have hedged against a default and would have looked at their terms more closely. Hopefully it's a formality like SN and the service providers must believe.
RB40 Outrider are interesting. They are a hedge fund based out of guess it - Cayman Islands! The little darlings did ok dumping stock the other year into the 1.73 spike from memory.
"Outrider invests in distressed companies in the emerging markets. We employ a value-oriented strategy seeking to identify securities trading at low levels relative to their value based on cash flow generation or underlying assets. We search for catalysts to realize that value, normally through a restructuring of the firm's obligations or a strategic transaction. Outrider has significant experience with the peculiarities of the emerging markets and weighs macroeconomic and political factors in making its investments. We try to capitalize on the systemic dislocations which often occur in developing financial markets to obtain the best entry points for our positions. Outrider seeks consensual restructurings where possible, but pursues active litigation and bankruptcy processes where necessary to obtain fair recoveries for our investors. "
Sums it up here pretty well! Last bit is less encouraging - so maybe they are the folk to watch. But you would have thought a company like that is also pretty good at hedging their position. So maybe they will just let it go.
Looking at the court case this morning I noticed there was an update yesterday. Seems they have now issued the summons on all the parties (that has taken since 2nd Aug to complete) - serving on Outrider who were based out of state in California seems to have caused a 20 day delay. I would guess a date could now be set on the adversary hearing shortly - still no signs of any party engaging legal teams to contest.
I think we will hear nothing till that is out of the way and then the news will miraculously flow......
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