Jun. 4 at 2:30 PM
$XBP $XELA
I think you're assuming the entire company would be taken private, which would indeed raise the question of who pays all that debt. And let's be honest—even after the restructuring, they'll never be able to comfortably service the remaining debt load.
My speculation is that a spinoff or carve-out similar to what happened with XBP Europe may already be underway. The real question isn't whether the debt exists, but how the assets, liabilities, and ownership interests end up being allocated among the surviving entities.
If there's one thing the HGM team has consistently demonstrated expertise in, it's corporate restructurings and financial engineering. Arguably, they've been more successful at that than at building and operating profitable companies.
