Wipe out! Mezz gets scrubbed as IMO sets precedent

Junior debt holders across Europe were dealt a blow on Tuesday when a UK High Court ruling approved a restructuring plan for IMO Car Wash that gave senior lenders control of the company but wiped out subordinated lenders. The court rejected claims by institutional investors that the company should be valued on future revenues rather than what it would fetch today, a ruling that could severely weaken the position of junior debt holders in future restructurings. Find out what this means for the leveraged finance industry on Friday at www.euroweek.com/loans