TCG Restructuring Model / Recovery / Exposures

All,CPlease find a new TCG restructuring model here. The model back-solves for each entity’s implied EV, calculates the resulting recovery to the current bonds and splits out the relative future exposures of bondholders, RCF, Fosun and existing shareholders in each of the entities and levels.

While the model does show that there is upside in the bonds from current levels, we are not particularly bullish on the company’s long-term prospects and would rather avoid being trapped behind Fosun in an illiquid investment we do not believe in.

Wolfgang