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The value of the debt is 42¢on the dollar. So Citi is down 58% on the book value of the $500M in debt. They lost close to $300M from the mistake.
by kenneth 6y ago
The value of the debt is 42¢on the dollar. So Citi is down 58% on the book value of the $500M in debt. They lost close to $300M from the mistake.
- CydeWeys 6y agoThose are unrealized paper losses. The final accounting can end up being a loss of anything in the range of $0-500M depending on how it all shakes out (whether Revlon goes bankrupt, whether Citibank sells the loans on at their reduced valuations now or holds on, and how the appeal goes).