A recent move by a lender to the Wiggins Island Coal Export Terminal to offload debt has intrigued members of the restructuring sector.
While debt has traded on WICET in the past, activity has been relatively quiet since it struck a deal in 2018 to extend the timeline for the refinancing on the asset, and now some believe there has once again been some trading activity.
Market analysts believe that the debt probably would only trade if it was cheap or if it there was a debt default or a covenant issue for WICET. That is not thought to be the case.
The only major trade of note has been MUFG’s divestment of $US80m of loans in March.
At that time, MUFG was keen to exit various investments around the market.
WICET, located in Queensland, reached an agreement to defer the payment of junior debt that staved off a collapse of the coal infrastructure asset constructed amid boomtime conditions.
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