The Default Notice — Pro non-pro rata


Market Wrap

The Default Notice — Pro non-pro rata

Max Frumes's avatar
Rachel Butt's avatar
Max Reyes's avatar
Kartikeya Dar's avatar
  1. Max Frumes
  2. +Rachel Butt
  3. + 2 more
10 min read

Two situations this week again highlighted the tension between what is considered pro rata (open to everyone, equally) and not pro rata, fair or not fair — or somewhere in between. 

In the case of bankrupt regional sports broadcaster Diamond Sports9fin was the first to report this week that a group of dissenting lenders who hold second-lien and unsecured debt is looking to provide an alternative DIP. Currently, a group holding large chunks of first, second and unsecured funded debt is providing a DIP under the holistic agreement disclosed in January, which includes Amazon as a white knight strategic partner to revitalize the flailing regional sports network business.

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