Riding the Rollercoaster: Is This Turnaround Credit Ready for a Comeback?

Assessing the Cross Cap Stack Rel Val Opportunity in a Turnaround Story

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This week, I’ll be looking into a credit that’s been high on my list for some time. Once a dominant player, the firm has faced ongoing challenges from secular headwinds. The credit, too, has experienced a rollercoaster ride, with its bonds fluctuating from par to distressed levels, followed by a significant recovery.

With key catalysts on the horizon and bonds trading at compelling levels compared to its peers, this situation presents potentially interesting relative value for investors willing to explore a business in transition. Let’s break down the opportunity and see if there’s potential alpha in this evolving credit narrative.