The "Hema: Liquidity Shortfall c. 100M by Q2 20? a Restructuring Pitchbook for SSNS Holders." company profile has been added to ResearchAndMarkets.com's offering.
Understand why, in spite of a substantial liquidity shortfall we estimate in Q2 20, at levels of c. 33 cents we see good return potential in Hema's Senior Secured Notes (SSNs) via various possible restructuring implementations.
Understand this assessment of probabilities and SSNs recoveries across scenarios - various restructuring scenarios; a scenario where Ramphastos injects new money and targets an eventual sale of Hema to Jumbo; liquidation.
- Coronavirus-updated quarterly liquidity shortfall estimates and analysis of liquidity swing factors
- Full coronavirus-updated financial projections, valuation and sensitivity analysis
- Restructuring pitchbook for SSNs holders - act fast and what to do (rationalization and other initiatives; new money need); potential recoveries / IRRs / money multiples
- A strategy for Ramphastos to deleverage Hema rapidly and sell out to Jumbo - potential IRR and money multiple for Ramphastos
- Liquidation analysis
- Recent general retail store footfall data in Hema's key markets
- Legal background - Dutch Bankruptcy Act; UK schemes of arrangement; UK pre-pack administration; indenture analysis
Major Questions Answered
- How are Hema's revenue and expenses likely to adjust during the coronavirus lockdowns?
- What ability does Hema have to flex expenses and / or benefit from government employment subsidies?
- How tight is Hema's liquidity already and what liquidity shortfalls to we project by quarter in FY 20?
- Is the RCF minimum EBITDA covenant likely to be breached?
- What is the risk of cross acceleration via a default on the PIK to the RCF and in turn to the SSNs and Senior Notes (SNs)?
- Why is it essential that Hema's SSNs holders prepare pro-actively to restructure and inject new money into Hema?
- How should SSNs holders look to restructure Hema? Jurisdictional analysis and legal implementation. Business turnaround initiatives. Exit possibilities. Recoveries, IRRs and money multiples
- What can Ramphastos do to profit from the current situation and preserve a potential exit sale to Jumbo after weathering the coronavirus storm?
- What would the SSNs recovery rate be in liquidation and what are the key swing factors?
- Why should Hema's landlords be worried and which actions should they expect Hema to take going forward?
- What risks does Hema pose to its franchisees and vice versa?
Key Topics Covered
- View, Variant Perception & Recommendation
- Business Overview & Analysis
- Historic Financial Analysis & Performance Comparison vs Peers
- Seasonality & Working Capital
- Working Capital Analysis
- Financial Model - Projections, Valuation & Sensitivity
- Group Structure & Indenture Review
For more information about this company profile visit https://www.researchandmarkets.com/r/s7wjb7
Laura Wood, Senior Press Manager
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