Securitisation is the key13 Mar 2020 20:53
So a great business with a few short term challenges based around a global pandemic. Highly leveraged but to itself. So it set up a SPV based around it's pub estate and then using this collateral lent itself money to wipe out bank loans and manage it's tax liabilities. Question - if things get bad and it can't afford to pay back it's own SPV which I think is called something like Marstons Pubs Limited then what happens.? From my limited undertanding it's like being a banker to yourself so one would think that you are not likely or able to pull the credit rug from under your own feet. Anybody with any insights or views on this?