Queen’s Gate Inc. Generates Perpetual Annual EBIT

Queen's Gate Inc.

Queen’s Gate Inc. Generates Perpetual Annual EBIT for $3 Only

Queen’s Gate Inc. generates perpetual annual EBIT of $500. The cost of unlevered equity for Queen’s Gate is 10%. The corporate tax rate is 35%. Queen’s Gate has 300 shares outstanding that trade for $6.89. Queen’s Gate has debt worth $1,512. What is the present value of financial distress costs for Queen’s Gate? Assume that there are no other market imperfections other than costs of bankruptcy.

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