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Companies can survive delisting for years but it is very rare that they become growth companies again. Most likely you'll see them go private. They will also be subject to more class action suits by the people who invested based on their IPO. Those are the people who've really lost.
The bondholders have access to the EBITDA eventually, and that is a very strong 60m.
This kind of complex shit is frowned upon by regulators and courts though, who might side with plaintiffs and see it as a 50m skim job. Those suits might succeed, and if so the judgments might be placed senior to the bondholders.
Either way a company with a 60% gross margin and 20% EBITDA will not go away tomorrow.
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