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Strategies & Market Trends : Value Investing

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Jurgis Bekepuris

To: Jurgis Bekepuris who wrote (56313)	12/1/2015 3:58:13 PM
From: E_K_S	1 Recommendation of 79147

Re: Swift Energy Co. (SFY) 7.125 % Maturity Date 06/01/2017 ------------------------- (Note: We may not be out of the woods. Wait until Friday to see if interest payment is reversed. Mine came through AMTD today) Yea, I saw mine too. 2 interest payments cover almost 20% of my original cost. I was looking at what HK did when they re-structured their debt. Halcón Resources Announces Offer to Exchange Outstanding Unsecured Debt Securities for New Second Lien Secured Notes This option may also be available to SFY rather than a debt for equity swap. HK issued a new second lien 'secured' note, extended the term by 2 years and increased the interest payment by 3% to 12%. If you agreed to the new deal you also received $20.00 per $1K consent payment. I would go w/ that. The key to the value proposition is (1) you bought original note at the right price (less than $0.50/100) and (2) company has good assets but it's only really a liquidity problem. Have not seen very many go to Chapter 11 but many w/ new debt offers and/or debt for equity swaps. My exposure only in two distressed debt issues: XCO & SFY. Investment small but I am learning a lot and can see how these hedge funds can hit a home-run if/when they get in on the right horse. EKS

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