(Bloomberg) -- B. Riley Financial Inc.’s bankers hiked the interest rate on the company’s key loan and cut how much the embattled firm can borrow as it...
-- B. Riley Financial Inc.’s bankers hiked the interest rate on the company’s key loan and cut how much the embattled firm can borrow as it grapples with a debt load of about $2 billion.Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public Transport
The deal doesn’t end the struggles for B. Riley, whose stock price has been devastated as its investments soured in recent years and US authorities probed some of its business deals and disclosures. Easing B. Riley’s debt load has become an added concern on top of the federal inquiries, writedowns on key holdings and a massive loss estimated for the second quarter. Co-founder Bryant Riley said in an Aug. 12 statement the dividend was eliminated “as we prioritize deleveraging.” The firm and Riley have said there’s been no wrongdoing and they’re cooperating with authorities.
Those discussions also had a mid-September target to work out a restructuring proposal for FRG’s roughly $1.5 billion of debt. The talks could have an impact on B. Riley, because the firm used FRG shares to secure its loan package from Nomura. Equity shares can be diluted by debt restructuring deals, sometimes severely.Mallorca beats Real Betis 2-1 to end an 11-year Andalusian winless streak
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