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Category > Accounting Posted 08 Aug 2017 My Price 5.00

Diversified Industries

Case 9-85  LONG-TERM DEBT AND ETHICS

You are the CFO of  Diversified  Industries.  Diversified  has  suffered  through  four  or  five tough years. This  has  deteriorated  their  financial  condition  to  a  point  that  they  are in danger of violating  two  loan  covenants  related  to  their  largest  loan,  which  is  not due for 12 more years. The loan contract says that if Diversified violates any of       these covenants, the loan principal becomes immediately due and payable. Diversified  would be unable to make this  payment,  and  any  additional  loans  taken  to  repay  this loan would likely be at  sufficiently  higher  rates,  forcing  Diversified  into  bankruptcy.  An investment banker suggests forming another entity (called ‘‘special purpose enti-  ties’’  or SPE) and transferring some debt to this SPE. Structuring the SPE very care-  fully will have the effect of moving  enough debt off Diversified’s balance  sheet to     keep the company in compliance with all their loan covenants. The investment banker assures  you  that  accounting  rules  permit  such  accounting   treatment.

 

Required:

How do you react to the investment banker?

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Maurice Tutor
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Status NEW Posted 08 Aug 2017 02:08 PM My Price 5.00

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