RE: Why EME’s 8.5% cannot be legally extinguished without compensation20 Nov 2025 22:04
What I wrestle with though is if the deal isn’t vast enough to clear the accompanying linked debt, and the note holders take the hit. What is left for EME, where’s the value to prop up the SP. It would have to be a deal good enough to settle the linked credit, and then some - which is where the numbers aren’t making sense compared to Coro and Conrad deals, albeit they do have a sniff of rolled over to gain a longer term income than a windfall
Again I’m not trying to spin a narrative one way or another, just trying to work out the risk profile in my mind