Unique credit facility enables Sonder to convert - on a cashless basis - "Roll-Up Payments" owed to Marriott under a licensing agreement to a secured credit obligation due in 12 months
I just scratched the surface on this one but it is clearly a "special situation." This de-SPAC'd a few years ago and seemingly has been in some distress ever since. The fact that Marriott created their facility to convert payments due under a license to pari-passu senior secured borrowings is a signal that this is heading towards a significant restructure. Also, they are late on filings and CFO just resigned after being in the role for 8-9 months. One to watch for sure
12 months term with 15% PIK...haven't seen such structures
I just scratched the surface on this one but it is clearly a "special situation." This de-SPAC'd a few years ago and seemingly has been in some distress ever since. The fact that Marriott created their facility to convert payments due under a license to pari-passu senior secured borrowings is a signal that this is heading towards a significant restructure. Also, they are late on filings and CFO just resigned after being in the role for 8-9 months. One to watch for sure
Interesting - thanks for additional color!