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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (40542)12/13/2010 11:47:27 PM
From: Spekulatius   of 78673
 
re Great Atlantic -

Hm 220M$ in EBITDA and 1B$ in debt but a total of 6.4B$ in total obligations. Much, but not all of those obligations can be wiped out. There is DIP financing and some liens in front of the senior debt. Pensions (~400M$) may or may not get a haircut.

sec.gov

you can buy something like SVU at 4x EBITDA and KR at 5X. WINN has net cash and is post bankruptcy. These A&P stores have been suffering since as long as I can remember. The debt and everybody else will have to take deep haircuts, because the whole thing is worth no more than 1 B$ max.

It sounds to me that they should liquidate rather than continue as a going concern, the earning power is just not there.
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