Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Grupo Prisa: Bankruptcy Or Multi-Bagger?

Equity investors in embattled Spanish media conglomerate Grupo Prisa (NYSE:PRIS) (NYSE:PRIS.B) are hanging on during the throes of a binary event: (1) bankruptcy and complete wipeout of their investment or (2) a significant restructuring (extension and/or a debt for equity swap) of three billion euros ($3.9 billion USD) of bank debt, thereby creating significant upside potential for the equity.

Prisa is the world's leading Spanish and Portuguese language media group in the fields of education, information and news and entertainment.

Prisa operates in 4 main segments, with a collection of businesses and brands in each:

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The Situation:

Prisa is on the cusp of bankruptcy if it cannot restructure its bank debt. There are...

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