Your bonds stay current throughout the restructuring. The sale proceeds
replenish PFD reserves from ~$16M to ~$165M — converting a fragile credit
to a stable one. The restructuring is designed to leave the revenue pledge
intact: lodging tax continues to flow to debt service on the Summit bonds.
A solvent PFD with a strong reserve is a better long-term credit than a PFD
burning $35M/year with sixteen million dollars between it and a default event.
You hold a veto. Use it to get the best deal, not to block the only path
to stability.
Ask Your AI
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I want to analyze this proposal from the perspective of Bondholders.
There's a civic proposal to convert the WSCC Arch building at 7th & Pike into a year-round public commons operated by Seattle Center.
The case being made to Bondholders: Your bonds stay current throughout the restructuring. The sale proceeds
replenish PFD reserves from ~$16M to ~$165M — converting a fragile credit
to a stable one. The restructuring is designed to leave the revenue pledge
intact: lodging tax continues to flow to debt service on the Summit bonds.
A solvent PFD with a strong reserve is a better long-term credit than a PFD
burning $35M/year with sixteen million dollars between it and a default event.
You hold a veto. Use it to get the best deal, not to block the only path
to stability.
The full proposal: https://commons.conventioncityseattle.com
What are the strongest arguments for and against, from Bondholders's perspective?