FOCUS ON DOWNSIDE PROTECTION
Hard-asset-backed loan underwritten to liquidation value, not restructured going-concern value.
Loan structured to be same voting class as the first-out revolver ensuring alignment with Bank of America.
Normal-course refinancing, going-concern Chapter 11 refinancing, Chapter 7 liquidation.
Conservative Net Orderly Liquidation Value with significant reserves built into borrowing base.
Issued as a performing loan despite the existence of a distressing cash flow loan due to an enhanced priority claim.