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Flagstar debt swap leaves investors with paper loss
Spartanburg resident John Clayton saw his $66 000 Flagstar investment dwindle to about $5 000 as the debt to equity restructuring gives holders 95 percent of the company to the new owners. Shares trade near 69 cents after a high of $23, with 12 000 other common stockholders facing near zero value. Flagstar, owning Denny's and other chains, was saddled by a 1989 leveraged buyout and now carries about $2.1 billion in debt under KKR and Coniston Partners histories.
MENTIONED IN THIS ARTICLE
Spartanburg
John Clayton
Flagstar Cos. Inc
Flagstar
Denny's
Quincy's
el Pollo Loco
Hard
Vaughn Kershner
Kershner
New York
Coniston Partners
Kohlberg Kravis Roberts and Co