Tech's Cash Crunch Sees Creditors Turn ‘Violent' With One Another [BNN Bloomberg (Canada)]
Rackspace Technology, Inc. (RXT)
Company Research
Source: BNN Bloomberg
Now, creditors in the space are turning against one another in a bid to get repaid. Alvaria Inc., GoTo Group Inc. and Rackspace Technology Inc. are among a spate of troubled tech companies to agree to restructuring deals this year that provide select lenders with better terms on debt swaps than others, a process sometimes deemed a form of ‘creditor-on-creditor violence.' It's part of a wider trend of heavily-indebted corporates looking to manage their liabilities by taking advantage of relatively loose agreements with debt investors — known as covenants — that can allow them to move assets out of the reach of creditors. Typically, firms threaten to do so because higher borrowing costs combined with excessive leverage have left some with balance sheets that are impossible to refinance, said Jason Mudrick, founder of distressed credit investor Mudrick Capital. “These two phenomena, coupled with the covenant-lite nature of leveraged loans today, have been the primary drivers of the
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- Tech's Cash Crunch Sees Creditors Turn 'Violent' With One Another [Financial Post (Toronto, Ontario, Canada)]Financial Post
RXT
Earnings
- 3/12/24 - Beat
RXT
Sec Filings
- 4/29/24 - Form ARS
- 4/29/24 - Form DEFA14A
- 4/29/24 - Form DEF
- RXT's page on the SEC website