Vivion has proposed a bond exchange to extend its maturities. (Muddy Waters remains short Vivion bonds.) Oddly, Vivion has not published up to date financials, and based on pro forma adjustments in the Exchange Offering Memorandum, it appears that Vivion has repaid portions of its shareholder loans (whose valuations – and existence – we have questioned). Investors might feel that they are getting some additional security based on changes to the pledges of entities owning UK hotels. To what extent are bondholders’ interests served by this exchange offer? We think it’s instructive to look at Vivion’s Crowne Plaza Heathrow, Stockley Road, which is just another example of the egregiousness of Vivion’s misrepresentations.
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