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  "documentTitle": "GTT Communications, Inc. (GTT)",
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  "presentationDate": "2019-06-06 00:00:00",
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      "text": "Needless to say, we agree – if GTT cannot find a way to grow organically, the future looks bleak.",
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      "text": "Dilutive equity raises\nRefinancing of debt on onerous terms\nReversal of the rollup strategy to an asset sale strategy\nBankruptcy (Chapter 11 restructuring)",
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      "text": "We couldn't think of a better way to conclude this report than with the following comment from the CEO of one of GTT's top competitors.",
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      "text": "Needless to say, we agree – if GTT cannot find a way to grow organically, the future looks bleak. We consider one or more of the following scenarios to be likely:",
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      "kind": "quote",
      "text": "So, if GTT continues to do acquisitions and the capital markets remain open, they'll be fine. When the music stops and they actually perform, the value will collapse. The real value of GTT is below the face value of the equity.",
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      "text": "So, if GTT continues to do acquisitions and the capital markets remain open, they'll be fine. When the music stops and they actually perform, the value will collapse. The real value of GTT is below the face value of the equity. What my experience has told me is rarely do companies trade that level. So, chances are, it will not be an actionable acquisition. I think they will just turn into what I would call a zombie. So just kind of sit there, probably have a single-digit stock price. No real equity value, negative growth. And they'll just kind of bumble along. I mean, the markets do tolerate that type of business. But when the capital markets do become discerning, then at that point, maybe a distressed situation like a Frontier or a Windstream. And there may be an opportunity there. But usually there's such a convoluted capital structure that outside of bankruptcy, there's no way to actually action a deal. — CEO of one of GTT's top competitors",
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