Thread regarding Synamedia layoffs

@18gku+1pUmHZZC Altus offer corporate admin services and Denali are an investor. Nothing particularly scandalous?

Denali seems like maybe a front for some pension money? Also somehow connected into this tangled web is Alter Domus.

All previous Charges look to have been settled/satisfied so all lending now through the new pool of lenders. Out with the old, in with the new!

@4nbq+1pUmHZZC New borrowing defers to existing Lenders when it comes to security so presumably we'll be carrying existing debt for the foreseeable.

Hopefully this new borrowing gives us enough (maybe with some positive cashflow between now and then) to clear the $200mn due in October 2024 and the $100mn (due 2025) and $50/60mn RCF (2026) would remain in place.

And now a flurry of charges levied over all the new companies.
Skim reading, looks like 3 per entity, so a dozen notifications from Companies House.

"Refinancing is complete" is progress but I would be surprised if there's not big changes going forward.

The underlying business fundamentals are still the same: BT profitable but in terminal decline and VN/MCS burning cash.

Given previous talk of not being able to get the "full" amount refinanced, and probably a heavy price paid for new funds (high interest), this refinance buys time but not much else!

So refinancing is complete and the FY22 bonus will be paid...finally. Better late than never I suppose!

Onwards and upwards!

@1hjr+1pUmHZZC,
That seems like the most logical theory. BT is being separated from MCS via Newco1 and Newco2 as part of the refinancing agreement. Hopefully PS will share some info on this during FY24 Q2 SynaMeet as he promised more transparency moving forward.

@cpa+1pUmHZZC Triton Uk Midco Limited and Synamedia Holdings Limited both still have the same charges against them.

Triton Uk Midco Limited is still the (ultimate) owner of Synamedia Holdings Limited, just through Triton Newco 1 and then Triton Newco 2 instead of directly.

There'll be no way to shake the debt so there's clearly another motive.

I wonder if VN/MCS is being carved out from the BT assets/revenue?
Maybe Permira/someone is putting more money into one area but not another/the others?

Who's got the ba--s to ask what's going on at the All Hands?

There's Triton Newco 1 15311768
Triton Newco 2 15312433

Both have the same officers, the same business address, same date of incorporation (and a capital of $100 each).
But interestingly no charges against them. And Midco's charges are not listed as satisfied.

I see someone else has subscribed to Companies House too.
Have you looked at the officers for the shiny new Triton Newco? And their other business interests?

P.S. and his lawyers must be doing some mental gymnastics.