Dean Foods – High Debt Levels, Structural Headwinds and Increasing Competition - The End Game?

Value Investment Opportunities in US High Yield

Global Credit Insights

Sebastian Ashton, CFA

SAA Advisors

Event-Driven

<p>We believe that Bristow’s senior secured bonds are overvalued at current levels of ~ 86% and would be better BUYERS in the low 60’s based on our valuation.</p><p>Accordingly, our analysis suggests that the value breaks in the senior secured part of the capital structure and we expect recoveries on the unsecured bonds to be close to zero.</p>

We believe that Bristow’s senior secured bonds are overvalued at current levels of ~ 86% and would be better BUYERS in the low 60’s based on our valuation.Accordingly, our analysis suggests that the value breaks in the senior secured part of the capital structure and we expect recoveries on the unsecured bonds to be close to zero.

Bristow – Is There an Opportunity to Invest Prior to the Financial Restructuring?

Bristow Group

Bristow – Is There an Opportunity to Invest Prior to the Financial Restructuring?