Interest-Only Is Not Repayment-Never
The first objection to long-dated interest-only capital is that nobody ever repays it. The answer is a reserve, a glidepath and an election made two years early — and...
The first objection to long-dated interest-only capital is that nobody ever repays it. The answer is a reserve, a glidepath and an election made two years early — and...
A leverage covenant can be breached without borrowing a dollar. It breaches because earnings fell — and then it accelerates the obligation at the precise moment the company cannot...
Most owner-managed companies are under-financed by their own accounting. The remuneration policy that saves tax also makes the business look smaller than it is — and lenders price what they...
A company with two billion dollars of assets can discover it has seven hundred million of security. The gap is not an accounting error. It is five questions nobody asked....
A company can cut its dividend by three quarters and still be extracting more than the year before. One number catches it. The covenants in most instruments do not. The...
Caribbean enterprises are not failing because they are unprofitable. They are failing because of how they were financed — and the structure that fixes it already exists. Introducing The Dawgen...
The most consequential observation from our advisory work over the eighteen months since Hurricane Melissa is the one we did not expect to be making. We expected, going into the...
Caymas Holdings Limited — the name is composite, the structure is real and recognisable across the regional conglomerate landscape — is a Caribbean integrated consumer-goods enterprise that has been my...
Reserve Bay Hospitality Group — the name is composite, the events are real — is a Caribbean integrated hospitality enterprise I have spent considerable time advising. The group operates four...
Tidewater Maritime Group — composite name, real engagement — is a Caribbean integrated shipping and logistics enterprise we have advised through three iterations of its capital structure. The group operates...