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Re: Is BK looming?The market is pricing that in to some extent. I don't think BK would happen soon though with their first maturity in 2022 and essentially cash flow neutral. Look at their bonds yielding in the upper teens. The yield is too high for a healthy company and too low for a company that is close to declaring bankruptcy. They are distressed and the market has decided to "shoot first" and take the stock down to almost nothing as time ticks buy and longs hope for improved differentials. |
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