BSI, S&P: ‘We expect them to go bankrupt’

BSI, S&P: ‘We expect them to go bankrupt’

June 14, 2021 Comments Off on BSI, S&P: ‘We expect them to go bankrupt’ By admin

BSI Inc. Chief Executive Tom Szabo said Friday that the company is “not optimistic” that it will be able to close the $1.5 billion loan to the credit rating agency as planned.

“I’m not going to say we’re going to fail, but we’re not optimistic,” Szabo told analysts on a conference call.

BSI’s latest quarterly earnings report showed the company had missed its target of $3.6 billion in revenue.

The bank said it expects to pay back about $2 billion to investors and that its long-term loan is in the black.

The loan was secured by a $1 billion credit line with BSI and the Federal Deposit Insurance Corp. Bsi said it would seek a bankruptcy judge to allow it to pay off the debt.

The $1-billion loan was the first installment of a $3 billion line of credit it said would support a $2.8 billion line for refinancing BSI investments.

Szabo did not say when the debt would be paid off.

BSU said on Thursday it expects the bank to pay about $300 million in interest to the $3-billion line of debt, which will be repaid with interest over the next few years.

The company also said it will provide $200 million in “non-recourse financing.”

The bank’s earnings and outlook are expected to be released Friday.

The Credit Suisse analysts on Friday said the bank has an “extremely low” probability of recovering the $2-billion in debt.

BSB analysts also forecast that the bank’s outlook for the first quarter will be revised downward by about 10 basis points to negative.

They say the bank would be expected to have an earnings loss of more than $300,000.

The credit ratings agency said in a statement on Thursday that it had recently issued a statement saying it was not confident that BSI would be able “to continue as a going concern.”

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