Meltdown at Madame Tussauds as owner Merlin loses its magic

Analysts at S&P warned that “persistent high cash burn could lead to insufficient liquidity after 12 months, absent any cash injection”, calling the company’s current capital structure “unsustainable in the long term given the high level of debt compared with the size of the group and high cash burn.” It sent Merlin’s bonds into a spiral.Last month, S&P Global Ratings downgraded one of its parent entities, Motion Midco Ltd, to CCC+ from B-, while also downgrading the issue ratings on its senior secured debt ...