Like so many other asset plays underpinned by debt, Macquarie Infrastructure (MIC) ("Macquarie") had a near-death experience in 2009 as the combination of suddenly weaker economic activity and the meltdown of the credit markets choked off both its cash flow and its access to liquidity. The company survived, if by the skin of its teeth, and seems to have emerged as a wiser, or at least more conservative operator. Now the company is once again thinking from a growth point of view, and positioning the company to benefit from a stronger economic recovery.
Certainly there are no guarantees that management's new revised vision will work out. The aviation operations are quite cyclical and the shares have already...
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