FDS designs cabin management systems for VIP and business aircraft. Smart Cabin CMS transforms the aircraft cabin into a virtual office or living room. The company also manufactures in-flight entertainment components including high-definition displays and a wireless media streamer. Additionally, FDS engineers rugged displays and video systems for military and special mission projects.
We have little information about privately-held FDS Avionics Group, except the valuation trends in Advantage Data's records. The principal BDC lender and investor in the Company is Fidus Investment, which provided subordinated debt and equity to the private equity group which acquired the business in late 2014. However, values began to decline for unknown reasons since mid-2015 and reached their lowest level in June 2016, a 68% discount on the equity and 13% on the debt. (MVC Capital reports a position in the sub debt, but at full value). The debt,though, is still performing. We've had no new info since MVC's quarterly filing through July. We have a Corporate Credit Rating of 3, which means we remain hopeful the Company can meet all obligations. However, the credit trend is down.