BLUE
Login
Profile banner
GP
George Pearkes
@peark.es
Bluesky’s resident finance bro | Macro Strategist | Even the blind squirrel get a nut sometime. | QCR: Non Culto | American via Canada, not Scottish. *ALL CAPS HEADLINES LIKE THIS ARE FROM BLOOMBERG 📍 CLT
5.4k followers572 following15k posts
GPpeark.es

TGI Fridays is also a whole business securitization issuer that has come under pressure. The back-up manager for its business established under whole business securitization dating back to 2017 took over a bunch of its business at the start of September. First such action since the GFC.

TGI Friday’s Loses Control of Assets After Document Delay (1) Functions like personnel decisions shift to backup manager A similar management change hasn’t happened since GFC: Kroll By Immanual John Milton and Scott Carpenter (Bloomberg) -- TGI Friday’s Inc. management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time. A manager termination notice was issued Tuesday involving a $375 million asset-backed security sold in 2017 and backed by most of TGI Friday’s revenue-generating assets, according to Kroll Bond Rating Agency. It called the termination event the first involving a so-called whole business securitization since the Great Financial Crisis.  Functions taken over for now by backup manager FTI Consulting Inc. include personnel decisions and liquidating collateral if needed, Kroll said. S&P Global Ratings said Thursday that the termination was prompted by, among other things, “the d
4
SCwikisteff.bsky.social

That first sentence is a LOT.

0
GPpeark.es

Some wild stuff here. Near as I can tell, the current group of PE funds that own Hooters bought it from Charlotte NC-based Chanticleer Holdings, which was another PE shop. Chanticleer spun off its restaurant business as Amergent after selling Hooters. Their website...quotes Maya Angelou?!?!

7
OCnotgeorgecarlin.bsky.social

Same backup manager. Is the back-up picked by the underwriter?

0
Profile banner
GP
George Pearkes
@peark.es
Bluesky’s resident finance bro | Macro Strategist | Even the blind squirrel get a nut sometime. | QCR: Non Culto | American via Canada, not Scottish. *ALL CAPS HEADLINES LIKE THIS ARE FROM BLOOMBERG 📍 CLT
5.4k followers572 following15k posts
HomePopularExplore