Cash strapped SIGNA Development to mandate advisors; SUNs in free-fall
- Hazik Siddiqui
SIGNA Development (finally!) published Q2 23 earnings yesterday evening (31 October), potentially steering clear from a breach of reporting requirements. To elaborate, SIGNA Development is required to report quarterly financials within 60 days following Q2-end — implying an August-end deadline — but the bond docs have leeway and an event of default does not occur unless the issuer fails to comply for 60 days after notice from the Holders’ Representative — implying an October-end deadline had Holders’ Representative sent a notice promptly after August deadline.
Nonetheless, back to the earnings release, whose contents topically for their Halloween evening release, were pretty scary, with few treats.