Class warfare

Welcome Break

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Distressed motorway service area operator Welcome Break seems to have unearthed a new way of frustrating bondholder value: setting different classes of bondholders against each other.

Its proposal to share the proceeds of a sale and leaseback programme between different classes of bondholder has divided holders of senior and subordinated paper and thrown the decision process into chaos. And senior bondholders suspect that the firm’s venture capitalist owner Investcorp is deliberately c

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