https://news.bloomberglaw.com/bankruptcy-law/symphony-technology-backed-magenta-taps-evercore-for-debt-advice
Does NOT sound good!
2 replies (most recent on top)
@OP They were close. Hit selective default and start picking/choosing which debts to pay. They underwent a distressed debt exchange five months after your post, and have managed to hang on another year a junk-status credit rating. However I don't see any signs their overall revenue is increasing, and certainly not upward at the pace they need. And, that clock keeps right on ticking to that mammoth mandatory $3.1B principle coming in 2028. If they live that long, that will surely sink them, but I doubt it will go that far at this point.
https://ionanalytics.com/insights/debtwire/magenta-buyer-first-lien-lenders-bring-on-advisors-amid-earnings-woes/