Hellas Telecom. (Lxbg) III EO-Notes 2005(09/13) Reg.S

[Prospektständer]

Hi Forum,

 

hier mal ein heißes Eisen, das schon eine ganze Weile im Bondboard bespochen wird. Doppelte Kindersicherung mit 100k ist gegeben, diese relativiert sich sehr schnell wenn man die Geld- und Briefkurse in Frankfurt und Berlin sich näher anschaut.

Dies soll keine Investitionsanregung sein, sondern dient nur zur Unterhaltung.

 

Hier erstmal eine Grafik zur Firmenkonstruktion

 

Stammdaten:

 

Emittent: Hellas Telecom SA

 

Nominal: 100.000

 

Zinslauf ab: 07.10.2005

 

Fälligkeit: 15.10.2013 (könnte sich aber noch ändern... )

 

Volumen: 355 Mio. Euro

 

Zinssatz Stufenanleihe: aktuell 8,5%, Kuponperiode 6 Monate

 

Es gibt bzw. gab insgesamt 5 Anleihen von 4 Gesellschaften mit insgesamt fast 3 Milliarden Euro Volumen:

 

- Hellas - €200,000,000 Senior PIK Notes

- Hellas II - €960,000,000 and $275,000,000 Senior Subordinated Notes

- Hellas III - €355,000,000 Senior Unsecured Notes

- Hellas V - €1,125,000,000 Senior Secured Floating Notes

 

Die beiden Hellas II Senior Subordinated Notes sind im Default, nachdem am 15.10.09 keine Zinsen bezahlt wurden.

 

Mittlerweile gibt es die Möglichkeit: daß für die Gläubiger die Möglichkeit besteht die Anleihe für zahlbar und fällig zu erklären.

Hier das Schreiben

 

Mittlerweile scheint wohl nach langem hin und her auf flat umgestellt zu sein, wobei man da die Kursaussetzung verschusselt hat und so einige das nicht mitgekriegt haben und mit ihren ausgeführten Verkaufsordern ohne Stückzinsen auf dem falschen Fuß erwischt wurden:

 

Bekanntmachung Freiverkehr (Open Market)

Änderung der Preisfeststellung (Umstellung auf Flatnotierung):

 

Emittent ISIN Kv-Nr. Notierungsart Änderung der Preisfeststellung auf flat ab

Hellas Telecom. (Lxbg) III, XS0231415588, 7637, % flat, 06.09.2010

 

Frankfurt am Main, den 07.09.10

Deutsche Börse AG

 

i. A. Lukas Baron

 

Wind Hellas Bidders:

 

There are currently about six participants in the bid process:

 

1. Telenor a Norwegian telecoms operator and which at one time held interests in the then Greek mobile operator Cosmote between 1996 and 2002. Cosmote along with OTE is currently part of Deutsche Telecom. As the Financial Times (FT) report “Telenor is a leading mobile operator in emerging markets, but ran into controversy with investors in 2008 when it decided to invest in India. The world’s fastest-growing mobile market is reeling from a vicious price war”.

 

2. The Saban Capital Group (SCG) a Los Angeles based investment house which specializes in entertainment and communication and which has traditionally operated in the region; for example as interest holder in the Israeli company Bezeq.

 

3. InfoQuest, a local company owned by businessman Theodor Fessas the one time owner of Q Telecom. Q Telecom was awarded in the past the fourth gsm mobile licence and operated the first national roaming network by partnering with existing mobile operators. Q telecom was sold by Fessas to Wind. Theodor Fessas with the support of other business and investment interest may be looking, for various reasons, to get back into the telecoms game.

 

4. The Argo Group, a Cyprus based company that has investments in other telecom firms such as the Greek telecoms company On Telecom.

 

5. Sawiris’ Weather Investments which represent the Wind Hellas controlling shareholder.

 

6. The present Wind Hellas bond holders which as FT reports “ include Anchorage Advisors, Angelo Gordon, Eton Park, Mount Kellet and Taconic Capital “ and are currently constructing a proposal that could see them take over the mobile operator.

 

Wind Hellas Market Value

 

Wind Hellas has been the focus of the Greek Telecoms market in the last couple of months and has even drawn fire from Hellenic Telecommunications (OTE) Chief Executive Panagis Vourloumis.

 

In the Wednesday 8th of September 2010 morning edition of the Greek newspaper Kathimerini, Vourloumis accused the Greek National Regulatory Agency (NRA), EETT, for unfair and uncompetitive regulatory practices against Hellenic Telecommunications (OTE), practices that favor competitor telecoms operators (pointing to Wind) even if these operators have declared bankruptcy twice.

 

The resultant binding offers are scheduled to be submitted on the fifteenth of September (assuming all goes well) and may include other bidders such as Forthnet (which has performed due diligence on Wind in the past).

 

FT reports that Wind Hellas has currently about 355 million Euro of outstanding senior unsecured bonds, a 250 million Euro revolving credit facility, and an enterprise value of less than 1.2 billion Euro of senior secured bonds outstanding valued at about 35 percent face value.

 

Regardless of the strong level of interest, Greek newspaper Kathimerini in its 10th of September morning edition points out the high possibility of current bondholders maintaining control of the enterprise, especially if the bid levels are too low.

[Prospektständer]

Hier mal noch ein Artikel damit man auch was mit wem man sich hier einlässt:

 

2005 wird das gesunde Unternehmen von zwei Heuschrecken bis auf den letzten Tropfen ausgequetscht und 2007 mit 3 Milliarden Euro Schulden beladen verkauft. Die Einzelheiten hierzu in dem Artikel der New York Times:

 

Private Equity’s Trojan Horse of Debt

 

Der Käufer "Weather Investments" gründet dafür in Luxemburg die Tochtergesellschaft "Hellas Telecom II". Diese bricht 2009 unter der Schuldenlast und fallenden Umsätzen zusammen. Kurz vor dem Zusammenbruch wird der Firmensitz noch schnell ins gläubigerfeindliche London verlegt. Dort wird die größte "pre-pack" Insolvenz der englischen Geschichte von einem Strohmann der "Weather Investments" innerhalb weniger Wochen durchgezogen. Ziel dieser Insolvenz war es, die direkten Schulden (1,5 Milliarden Euro) der Hellas II abzuschütteln. Dazu wurde von "Weather Investments" die Tochtergesellschaft "Weather Finance III" gegründet, in die alles außer den Schulden von Hellas II zurückgekauft wurde. Die Mutter hat also die Tochter im Schnellwaschgang von den Schulden befreit. Hier die Geschichte im Detail:

 

London becomes bankruptcy capital of Europe

 

Die geprellten Gläubiger der Hellas II, sie bekamen 1,375% recovery value, wollen nun gegen die pre-pack Insolvenz in England klagen, während die "Wind Hellas", das einzige operativ tätige Unternehmen in dem Weather Finance Konglomerat, weiter rote Zahlen schreibt.

 

Quelle Bondboard, User: Petra http://forum.baadermarkets.de/showpost.php?p=8883&postcount=26

[Prospektständer]

Creditors Plan Wind Hellas Bid With Up To EUR130 Million New Cash-Sources

[Fleisch]

wo sollen die denn herkommen und v.a. wer kauft dann sowas ?!

[Prospektständer]

@Fleisch: Keine Ahnung

 

Sawiris Says He Makes Binding Offer for Wind Hellas

 

Sept. 16 (Bloomberg) -- Egyptian billionaire Naguib Sawiris made a binding offer to buy Wind Hellas Telecommunications SA after the company was put up for sale when it failed to make debt payments.

 

The bid from Sawiris includes a fresh cash component and a partial debt-for-equity swap with creditors giving up some of their claims in exchange for shares in a restructured company, he said in a telephone interview. A group of senior bondholders in the third-biggest Greek mobile company is also seeking control of the company, Athens-based Imerisia reported.

 

The business needs cash, Sawiris said, declining to give details on his offer. We know the company very well and we know the Greek market inside out.

 

Although Sawiris bought Wind Hellas out of bankruptcy less than 12 months ago, its now under the control of creditors after the company deferred a 17.5 million-euro ($23 million) interest payment on its 250 million-euro revolving credit facility in June. It also missed a 23 million-euro coupon payment on its 1.2 billion euros of floating-rate notes.

It will be the bondholders who decide whats best for the company and its creditors, Sawiris said.

 

Consumer Confidence

 

Wind Hellas has been hurt by plunging consumer confidence and spending in the debt-ridden nation, as well as competition from rivals. Hellenic Telecommunications Organization SA, the nations biggest phone company, cut its fixed-line to mobile call rates by as much as 14 percent in January forcing other operators to do the same.

 

The companys secured floating-rate notes were quoted at 34 cents on the euro, according to pricing data compiled by Bloomberg. Its 356 million euros of unsecured 8.5 percent notes due October 2013 were quoted at 3.25 cents on the euro.

 

I am committed to Greece and the cash injection would give Wind Hellas the ammunition to fight back in the price war, Sawiris said. Binding bids for the company were due Sept. 15.

 

Other potential bidders for the company included Telenor ASA, the Nordic regions largest phone company, and Los Angeles- based investment firm Saban Capital Group Inc. Info-Quest SA, Greeces biggest computer maker, and On Telecoms also expressed interest in buying the company, which has its main operating unit in Athens.

 

Telenor, Info-Quest

 

Louise Tingstrom, an outside spokeswoman for Wind Hellas in London, declined to comment on whether bids have been received. Scott Engebrigtsen, a spokesman for Telenor, didnt immediately return calls seeking comment. Athens-based Info-Quest spokeswoman Fani Kirkou didnt respond to a call and e-mail seeking comment.

 

A spokeswoman for Saban at Sard Verbinnen & Co. in New York didnt return a phone message left outside office hours. On Telecoms officials in Athens didnt respond to an e-mail seeking comment.

 

Sawiris, chairman of the Middle Easts biggest mobile-phone operator Orascom Telecom Holding SAE, also said there has been no progress in separate negotiations to merge some of his telecommunications assets with Russian mobile-phone company VimpelCom Ltd.

[Prospektständer]

Der Argo Capital Partners Fund, eine Investmentfund von den Caymans hat nun auch ein bindendes Angebot eingereicht...sehr vertrauenserweckend... :-

[Fleisch]

und zu wem gehört der wieder ? Was hält der bisher so und wieviel ist über die Wupper äh Inseln gegangen ?

[Prospektständer]

Six bids submitted for cash-strapped Wind Hellas- source

 

Laut Bankerseite soll wohl die norwegische Telenor ein ernstgemeintes Gebot abgeliefert haben, von Unternehmensseite her gibt es kein Statement, über aktuelle M&As wird da nicht geplaudert.

Die (Senior Secured) Bondholders könnten bei Zuschlag wohl ihr Bonds in EK (sprich Aktien) eintauschen.

Böse enden könnte ein (erneuten) Aufkauf durch Sawiris, letztesmal wurden die Nachränge auf ~ 1,8% "pre pack" rasiert.

 

Bleibt interessant... :-

 

@Fleisch: verantwortlich ist wohl bei der Argo Mr. Height, dieser kommt von der 24 Mrd. $ schweren Advant (Private Equity)...MBA an der Business School in Harvard.

 

Anteile werden bspw. an On Telecom gehalten, griechischer Rivale der Hellas.

[^zak^]

hat mir bitte jemand den prospekt der secured floating notes?

[Stairway]

Würde mich ebenfalls interessieren. Ist denn einer der Scheine auch schon tatsächlich auf Flatnotiz umgestellt ? - Börse STU zeigt noch Stückzinsen an.

[Prospektständer]

In Frankfurt ist zumindest Flatnotiz, siehe mein Posting im Eingangspost, in Stutt werden die nicht gehandelt.

 

Im Anhang habe ich noch das Prospekt des FLR-Bonds und des Themenpapiers angehängt.

Senior Secured FLRs: (Flatnotiz)

Zinszahlungstermin: January 15, April 15, July 15 and October 15

Zinssatz: 3 Monats Euribor + 3,5%

Fällig: 15 Oct. 2012

D010_XS0231415588-3.pdf

[Stairway]

Sry, meinte FFM - also auf der Seite der Börse STU zeigt es Stückzinsen an, mal nachher ne Probeorder einstellen.

[boca]

Sry, meinte FFM - also auf der Seite der Börse STU zeigt es Stückzinsen an, mal nachher ne Probeorder einstellen.

Werden beide sicher flat gehandelt... A0ggm0 seit Ende August und der A0ggm1 sogar schon seit Mitte Juli, wenn ichs gerade richtig im Kopf habe..

Die entsprechenden Mitteilungen finden sich auch auf der Seite der Börse Frankfurt.

[Prospektständer]

Wind Hellas Q2 Bericht: http://www.wind.com.gr/Images/Ependytes/WIND_Hellas_2Q10_Results.aspx

negatives EK ( - 720 Millionen Euro) und das bei einem (Jahres)Umsatz von ~900 Mio.€ im Dec 09 war es noch leicht positiv... :-....

[Prospektständer]

Wind Hellas Bondholders Favored Over Telenor to Acquire Company

 

Wind Hellas Telecommunications SA’s senior-secured bondholders are in the lead to acquire Greece’s third-largest mobile phone operator, said three people with knowledge of the matter.

 

While a bid by Telenor ASA, the Nordic region’s largest phone company, is preferred by lenders of Wind Hellas, bondholders aren’t satisfied with the offer, terms of which couldn’t be determined, said the people, who declined to be identified because a final decision hasn’t been made.

 

Wind Hellas, which was bought out of bankruptcy less than 12 months ago by Egyptian billionaire Naguib Sawiris, is controlled by creditors after it deferred payments on a 250 million-euro ($341 million) revolving credit facility in June and missed an interest payment on its 1.2 billion euros of floating-rate notes. Wind and its adviser, Morgan Stanley, will pick a preferred bidder by Oct. 14, the people said.

 

An offer by Sawiris isn’t considered adequate, one of the people said. Other bidders had included Info-Quest SA, Greece’s No. 1 computer maker, Los Angeles-based Saban Capital Group Inc. and Argo Capital Partners Fund Ltd., which has a stake in Athens-based On Telecoms, another person said.

 

The process isn’t over and the bondholders may not end up the preferred bidders, the people said.

 

Argo Capital declined to comment yesterday while Sawiris didn’t respond to messages. A Telenor spokesman didn’t immediately respond to a call seeking comment. Athens-based Info-Quest spokeswoman Fani Kirkou didn’t respond to a request for comment.

 

Creditors took control of the business in June after Wind Hellas missed debt payments.

[Prospektständer]

Bloomberg: Egypt's Sawiris, VimpelCom Said to Be Close to Deal on Phone Assets Merger

[Prospektständer]

Der russische Mobilfunkbetreiber Vimpelcom kauft für 6,5 Milliarden US-Dollar Beteiligungen von dem ägyptischen Telekommunikationsunternehmer Naguib Sawiris. Bezahlt wird teilweise mit Aktien. Als Verkäufer tritt Sawiris' Vermögensholding Weather Investments auf.

 

Vimpelcom erwirbt Sawiris' 52-prozentigen Anteil an Orascom Telecom, einem der führenden Mobilfunkbetreiber in der arabischen Welt. Auch der italienische Mobilfunkbetreiber Wind kommt in russische Hände. Vimpelcom kann damit die Zahl seiner Kunden auf 175 Millionen verdoppeln und steigt gemessen an der Kundenzahl zum fünftgrößten Mobilfunkbetreiber der Welt auf. Sawiris' griechische Tochterfirma Wind Hellas Telecommunications ist nicht Teil der Vereinbarung.

 

Ein Streitpunkt bei der Fusion ist die algerische Mobilfunksparte Djezzy, deren Verkauf die dortige Regierung bislang verhindert hatte. Djezzy ist das umsatzstärkste Mobilfunkunternehmen Sawiris. Russlands Präsident Dmitri Medwedew fliegt deswegen zusammen mit hochrangigen Vimpelcom-Managern und Firmenchef Alexander Isosimow in dieser Woche in das Land im Nordwesten Afrikas. Algeriens Regierung will die Firma verstaatlichen. In der letzten Woche hatte Algerien von Orascom Steuern in Höhe von 230 Millionen US-Dollar gefordert. Die Unternehmensführung hat dem widersprochen.

 

Der Kauf ist die bislang größte Auslandsübernahme durch einen russischen Konzern. Die russische Alfa Group und der norwegische Telenor-Konzern sind an Vimpelcom beteiligt. Durch die Übernahme von Orascom sinkt der Anteil von Telenor auf 31,7 Prozent. Der Mischkonzern Alfa Group kommt nach Abschluss des Geschäfts mit Sawiris auf 31,4 Prozent an Vimpelcom.

 

Sawiris plante seit langem, Orascom und Wind mit einem Konkurrenten zu einem globalen Konzern zu verschmelzen. Der Plan, mit der südafrikanischen MTN zusammenzugehen, war in diesem Jahr gescheitert. Sawiris' Weather Investments bekommt durch den Verkauf 1,8 Milliarden US-Dollar in bar, 20 Prozent an Vimpelcom und zwei Sitze im Aufsichtsrat des größeren Konkurrenten. Im Sommer 2010 hatte Orascom Schulden in Höhe von 4,6 Milliarden US-Dollar, Wind verzeichnete Außenstände von 8,3 Milliarden US-Dollar. Vimpelcom selbst hat 4 Milliarden US-Dollar Schulden. (asa)

[Prospektständer]

Sollte so langsam mal interessanter werden und belastbare Infos hergeben. Letzte Handel in Frankfurt zu glatten 3%.

 

LONDON, Oct 15 (Reuters) - Bidders for struggling Greek telecom group Wind Hellas are locked in talks to determine its fate, with parent company Weather Finance III saying it expected a restructuring deal to be struck "in the near term".

 

"People have been locked in a dark room for nights on end trying to figure out how best to slice this deal so that lenders can agree on it," a source familiar with the matter said, asking not to be named.

 

The Greek company, which has received several offers, is undergoing a second restructuring in a year while indebted founder Naguib Sawiris looks to sell assets worth billions to Russia's Vimpelcom (VIP.N).

 

The success of a deal for Wind Hellas hinges on competing creditor groups and is crucial for the telco, which is expected to miss a bond coupon payment due Oct.15. After that the firm will only have a 30-day grace period to pay interest.

 

Egyptian billionaire Sawiris was one of six parties to lodge offers in mid-September, trying to retain control of the company he bought back in last year's restructuring which shaved off one layer of debt.

 

Morgan Stanley (MS.N), which is running the Wind Hellas auction, has asked the six bidders to add cash to their offers to narrow the field, another source close to the talks said.

 

A bid from Norwegian telecom group Telenor (TEL.OL) -- also a major shareholder in Vimpelcom, which has agreed to buy $6.6 billion of other assets from Sawiris -- has a cash component to it, according to two other sources.

 

Other bidders possibly still in contention include Wind's senior secured bondholders, who hold 1.2 billion euros ($1.69 billion) of debt, and Argo Capital Partners Fund, which owns local Greek competitor On Telecoms and peer Info-Quest.

 

U.S. private equity firm Saban Capital also bid in September.

[Prospektständer]

Wind Hellas Said to Get Revised Bids, Including Sawiris Offer

 

October 15, 2010, 12:54 PM EDT By Kate Haywood

 

Oct. 15 (Bloomberg) -- Egyptian billionaire Naguib Sawiris submitted a revised offer for Wind Hellas Telecommunications SA after lenders to the Greek telecommunications company were unable to agree on a preferred bidder, according to three people familiar with the situation.

 

Sawiris is offering 180 million euros ($252 million) of cash and plans to refinance Wind Hellass revolving-credit facility by raising 290 million euros in new bonds, said one of the people, who declined to be identified because discussions are private. Holders of Athens-based Wind Hellass 1.2 billion euros of senior secured floating-rate notes will be offered 110 million euros of bonds and 40 percent of the company, the person said.

 

Greeces third-largest mobile-phone company requested revised bids earlier this week from other bidders including No. 1 Nordic phone operator Telenor ASA and Los Angeles-based investment firm Saban Capital Group Inc. after talks between creditors to select a buyer broke down, the people said. A group of senior bondholders has also been seeking to take over Wind Hellas.

 

Wind Hellas said in a statement yesterday it expects to make a choice in the near term, without being specific.

 

Under Sawiriss proposal, senior secured bondholders will also be offered the chance to invest in Wind Hellas, while holders of its subordinated bonds will be wiped out, according to the person with knowledge of that bid.

 

Louise Tingstrom, an outside spokeswoman for Wind Hellas in London, declined to comment, while Scott Engebrigtsen, a spokesman for Telenor in Fornebu, Norway, couldnt be reached for comment outside of office hours.

[Prospektständer]

Sawiris loses Wind Hellas as bondholders take over

 

...[..]..Bondholders will take over Wind Hellas in a debt-for-equity swap, a blow for Sawiris who retained control of the group in a first restructuring last year..[..]..Senior secured bondholders -- who were owed more than 1.2 billion euros -- will inject 420 million euros into the company in return for control of the group, parent company Weather Finance III said...[..]..while senior secured bondholders will write off their claims in exchange for 100 percent of the equity in Wind Hellas.

 

Senior unsecured bondholders -- at the bottom of the creditor hierarchy and who are owed 355 million euros -- will also have to write off their loans as part of the deal.

 

This time, more than 75 percent of senior secured bondholders supported the bid put forward by a noteholder committee controlling big chunks of the debt, clearing the approval threshold.

 

Six specialist distressed debt investors -- Mount Kellett Capital Partners, Taconic Capital Advisers, Providence Equity Capital Markets, Anchorage Capital Group, Angelo Gordon and Eton Park International -- made up the committee and have underwritten the bondholder offer and new money.

 

 

Der Kurs ist dementsprechend auf Tagesbasis deutlich abgesakt (ca. -29%) auf 2,05%.

[Prospektständer]

Kursupdate: In Frankfurt und Berlin äußerst dünne Umsätze zu ~ 0,3%, aktuelle Briefkurse um die 1%, in den letzten Tagen, auf Lang % Schwarz geht ebenfalls wenig... :- ... Hoffe mein Zusatz bei der Threaderöffnung:

 

Dies soll keine Investitionsanregung sein, sondern dient nur zur Unterhaltung.

wurde von allen beherzigt...

[Prospektständer]

Der Übernahme von Wind Hellas wurde mittlerweile vom High Court of Justice in London bestätigt.

Ansonsten gibts noch nichts Neues im Westen.

[cityboy]

Der Übernahme von Wind Hellas wurde mittlerweile vom High Court of Justice in London bestätigt.

Ansonsten gibts noch nichts Neues im Westen.

 

distressed play with some of the best names in the business steering the ship. essentially if you wanted exposure you would want to buy the current FRN at 27/28 in the market and pay pro-rata for the capital increase in order to become a shareholder in the new company. there is a super senior RCF that will sit senior to you but its small compared to EV. it is a scheme of arrangement process in the UK, which bares little execution risk as nonconsenting creditors can be cramed down.

 

this is only a play for investors who feel comfortable putting some numbers around the equity value of the company in 3-4 years time. for that you need to not only understand the operations in detail but also what the distressed funds plan to do with it down the line (IPO would be my guess). dont get involved if you re not going to pay pro-rata capital increase because you will be left with a tiny share of the equity only that will have been structured by the coordinating committee to give you less than optimal recovery on your FRN unless the co does better than expected.

 

my best guess is that Eton and co will turn this company around and the FRN holders (turned equity holders) will make a 20-30% IRRs. now that the co is restructured maybe OTE will stop the price war in their core market which was essentially aimed at bringing Hellas to its feet.

[Prospektständer]

Hier nochmal was von Bloomberg:

 

Dec. 8 (Bloomberg) -- Wind Hellas Telecommunications SAs bondholder-led plan to restructure the company by injecting 420 million euros ($555 million) and writing off debt in exchange for control of the company was approved by a London court.

 

This is a fair scheme in the circumstances, Judge Richard Arnold said in approving the request today.

 

Under the plan by senior secured floating-rate noteholders, Wind Hellass 250 million-euro revolving credit line would be repaid in full, while the companys senior secured notes and 355 million euros of subordinated bonds will be written off, according to a statement Oct. 18.

 

The noteholders, owed about 1.2 billion euros, were picked as the preferred bidder for the company in October. At a hearing Nov. 4, the London court approved the group as the bidders that should decide the outcome of the restructuring.

 

Wind Hellass lawyer, Robin Knowles, said at the November hearing that bondholders support for the restructuring plan exceeded 76 percent, according to their law firm, Bingham McCutchen LLP.

 

Wind Hellass parent, Weather Finance III Sarl, the holding company of Egyptian billionaire Naguib Sawiris, bought Wind Hellas out of bankruptcy over a year ago. The company, under the control of creditors, put itself up for sale a second time after deferring a 17.5 million-euro interest payment on a revolving credit line in June and missing a 23 million-euro payment on its floating-rate notes.

 

The bondholder group includes Mount Kellett Capital Partners (Ireland) Ltd., Taconic Capital Advisers UK LLP, Providence Equity Capital Markets LLC, Anchorage Capital Group LLC, Angelo Gordon & Co and Eton Park International LLP, according to the statement.

 

The case is In the Matter of Hellas Telecommunications (Luxembourg) V, High Court of Justice, Chancery Division (London).

[Prospektständer]

European Directories Squeezes Mezzanine Lenders in U.K. Legal `Cram Down'

 

Auschnittsweise zitiert:

 

Greek phone company Wind Hellas Telecommunications SA’s junior bondholders were left with 1.3 billion euros of losses in a pre-pack administration in the U.K after moving Hellas moved its address to London from Luxembourg. IMO Car Wash wiped out 119 million pounds of mezzanine loans, according to a court ruling in August 2009.

 

“The English courts have repeatedly demonstrated that they will assist in driving through debt restructurings which preserve a group’s business,” said Kon Asimacopoulos, London- based co-head of European Restructuring at law firm Kirkland & Ellis. “This has been the case despite objection of creditors who have no remaining economic interest.”

 

Losses for mezzanine investors in European Directories comes as other junior lenders take a more dominant voice in restructurings this year.

 

Themenpapier wird sehr dünn ab und zu mal zwischen 0,25 - 0,5 gehandelt...zurecht..