I previously wrote about our country music bet via Ryman Hospitality. Today they closed the transaction to recapitalize the entertainment (country) side of the business, kicking ~$575M up to the hospitality company to de-lever the business. Remember, Covid stopped the convention center hospitality business entirely. While Ryman did a great job navigating it, they had no choice but to take out loans to fund the business while demand recovered painfully slowly.
Today the company is, roughly speaking, back to its fighting weight with room rates well above 2019 levels, a marquee set of convention center real estate primarily focused on the growing parts of the US, and a new partner in the growing entertainment business (and a setup for the eventual spinoff of the business).
While the stock market screens colors and numbers give the impression that the world is ending, remember that there is great work happening behind the scenes and strong companies with good balance sheets separate from the pack.
Disclosure: We own shares of Ryman Hospitality, this is not investment advice. Do your own work.