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In an August 2007 deal the brothers bought a $12 million secured note from Incentra Solutions; the borrower wound up in bankruptcy court.
The ratings agency downgraded East Tropicana's corporate family rating, its probability of default rating and the rating on its aforementioned senior secured notes to "Caa3," from "Caa1," putting it deeper into junk bond territory.
There is typically a standstill period, often 180 days, during which the secured notes collateral agent is prohibited from exercising remedies.
Oxford wants to sell a total of $350 million in debt, with the rest coming from the sale of senior secured notes.
He is believed to own anywhere from a third to one-half of the airline's $140 million in 11.5 percent secured bonds, and possibly some of the $50 million in 12 percent secured notes as well.
It said it owed $975 million under senior secured notes and senior subordinated notes as of Jan . 3
The Grins' valuations for secured notes sometimes seem optimistic.
Understand secured promissory notes.
Start-up will be financed through the owner's personal investment and a long-term note secured from the Woodville First National Bank.
Broad representation was therefore secured from across the sector.
Certain types of notes, such as a note secured by a home mortgage or a note secured by accounts receivable or other business assets, are not securities.
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