FIVE Short
Thesis played out, but thought I would share my deck for this position:
Babcock & Wilcox - Senior Unsecured Notes Due 2/2026 @ 8.125% [LONG]
Summary : B&W's Senior Unsecured Notes due 2/2026 are undervalued . Even in bankruptcy/partial payout, market is severely understating recovery potential . I propose a LONG despite liquidity issues, where B&W funds 60-70% recovery of par via targeted carveouts. Implied 40-60% return in 6-9 months.
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