💥Liability Management!💥
Hansen says LM is here to stay. Plus: Instant Brands Completes its Sale.
Non-defaulted distressed bond supply picked up heading into this past week, jumping from 126 bonds at $89b of face value debt to 135 bonds totaling $95mm of face value debt, likely further fueling a liability management frenzy that has some lawyers, financial advisors and investment bankers busy but keeping the “quality” of chapter 11 bankruptcy filings muted. We’ve made this point before…
…so we needn’t belabor it but holy f*ck the cases that are filing are pure garbage. But at least the market is … uh … filtering out the detritus:
Per the San Francisco Standard:
Molekule merged with publicly traded competitor AeroClean Technologies in 2020 to become Molekule Group in a deal that valued the company at around $25 million. Prior to the merger, Molekule raised more than $100 million in venture capital funding.
Seriously? That was a public company?! Ah, yes, another deSPAC. Color us super surprised (🙄🖕)!
And look at this piece of crap:
You guessed it. ANOTHER deSPAC (🙄🖕)! For full accuracy, let’s remove the “F” and add “Co” at the end. 😂