medium · Corporate Credit Analysis
A HoldCo has $500M of senior unsecured notes. Its only asset is the equity of OpCo, which has $800M of secured debt and $400M of unsecured debt.
If OpCo's enterprise value is $1,000M, what is the recovery for the HoldCo noteholders?
- 100%
- 40%
- 0%
- 20%
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