It seems to me that GSL is like a CDO that fails its OC test. Instead of paying debt off at par, why can't GSL buy back their debt at a discount? Is it because that GSL's debt is not securitized?Can CMA buy back their bond as well?
GSL's debt is bank debtCMA could theoretically buy back their bonds like they did in 2008-09, but doubt the banks would allow them to extinguish subordinated claims
thanks. Can GSL issue some bonds to retire part of its bank debt and then meet the requirement for dividend? I remember reading somewhere that they have filed a shelf offering but why no further actions?