Post Holdings (POST) as of March 31, 2026 carries a deeply negative liquidation posture, consistent with prior periods. MFFAIS CLV is reported at -$8.47B, LLV at -$7.74B, and OLV at -$6.83B. The primary driver of the deficit is the liability stack: total liabilities of $9.77B against $12.98B in book assets, of which a disproportionate share are intangibles that yield zero recovery. Applying standard liquidation haircuts: cash at $269M (100% = $269M), receivables at $729M (90-95% = $655-693M), inventory at $912M (60% = $547M), PP&E net at $2.65B (50-70% = $1.33-1.86B), intangibles of $2.84B and goodwill of $4.83B (0% = $0). Total estimated gross recoverable asset pool is roughly $2.8-3.4B against total liabilities of $9.77B, producing an estimated equity recovery of negative $6.4-7.0B before transaction costs. Long-term debt alone at $7.63B (fixed-rate, face value applies in liquidation at par) overwhelms any tangible asset base. During the six months ended March 31, 2026, POST executed a material refinancing: issued $1.3B of 6.50% senior notes and $600M additional 6.25% senior notes, redeemed $1.235B of 5.50% senior notes at a $22.6M premium, generating a net loss on extinguishment of $17.5M and raising the total outstanding indebtedness to $7.676B from $7.452B at September 30, 2025, a net increase of approximately $224M at face. Concurrently, POST repurchased 7.0M shares for $716.5M, further compressing the equity base. Two divestitures occurred: the Pasta Business sold for $378.5M proceeds (December 2025), and the Crystal Farms Business assets classified as held for sale as of March 31, 2026, sold post-period for $50M. These divestitures reduce the asset base incrementally but are not recovery-transforming at these prices. The 8th Avenue acquisition (July 2025) added goodwill and intangibles to the PCB segment, contributing to the $5.69B in segment assets at current quarter versus $6.29B at September 30, 2025 (reduction reflects the Pasta Business divestiture). Goodwill declined from an implied prior level by FX translation ($15.7M foreign currency impact) and the divestiture activity. Filing discusses a $28.3M loss on Crystal Farms held-for-sale impairment in MD&A but this is not separately tagged in XBRL as an impairment charge — it appears embedded in OtherOperatingIncomeExpenseNet and general corporate expenses.
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