Class warfare

Welcome Break


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

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: