Bon-Ton Misses Interest Payment, Enters Grace Period $BONT

Filing:

"The Bon-Ton Department Stores, Inc., a wholly owned subsidiary of The Bon-Ton Stores, Inc., has elected to exercise the 30-day grace period under the terms of the indenture governing its 8.00% Second Lien Senior Secured Notes due 2021 to extend the timeframe for making the cash interest payment due on December 15, 2017. The amount of the interest payment is approximately $14 million. The lenders under the Company’s Second Amended Revolving Credit Facility have confirmed that the exercise of the 30-day grace period will not impact the Company’s ability to continue to borrow under that facility."

The 8% bond has fallen to 25 cents; YTM of 64%. This is another one that went from the Distressed Debt Watch to the bankruptcy waiting room very quickly.

The seven companies on the DDW have a combined market cap of about $1.1 billion, or about as much as the 30th most popular cryptocurrency ("Verge").

Which would you rather own?