nik.sala
Money Never Sleeps
son 100k, se non hai altri scheletri nell'armadio una scommessa la si può fare.
Obbligazioni societarie Bond NEW WORLD RESOURCES 2018 7,875% (XS0504814509) e 2021 7,875% (XS0877986231)
- Creatore Discussione captain sparrow
- Data di Inizio
zoro-aster
Forumer storico
se non avessi già fatto questa scommessa un anno fa quando quotava 40
ora che sta a 15 la farei e meno male che nel frattempo ho incassato cedole su 100K
Ultima modifica:
fabriziof
Forumer storico
Essendo ipotesi minoritaria ,mi chiedevo appunto quale sarebbe il guadagno se uni aderisse alla ristrutturazione
nik.sala
Money Never Sleeps
Io non credo all'holdout, la storia degli ultimi anni insegna che nei corporate bond quando un'azienda ristruttura, oramai non fa più sconti.
Mi viene in mente Atu, Magyar, Seat, così su 2 piedi.
Se non si riesce a fare holdout, penso che il recovery sia di poco superiore ai valori attuali. Magari mi sbaglio.
qquebec
Super Moderator
NWR Falls as Billionaire Bakala Threatens Liquidation
La situazione sta peggiorando per NWR. La società sta tentando di vendere i pezzi più pregiati del gruppo e le azioni sono precipitate nel vuoto, Qualcuno sostiene che se NWR venderà le miniere in Polonia e Repubblica Ceca, NWR non varrà più nulla. In allegato, grafici di azioni, bond 2021 e bond 2018
New World Resources Plc (NWR) slumped to a record low as the unprofitable Czech coal company said it wants to sell most of its assets, boosting speculation it will go out of business. NWR is inviting offers for its mining units OKD AS in the Czech Republic and NWR Karbonia SA in Poland, the company controlled by billionaire Zdenek Bakala said in a statement today. It will scrap the transaction if the required majority of bondholders and shareholders accept a business-restructuring plan, NWR said. It has named PricewaterhouseCoopers LLP as a prospective insolvency administrator. The sale “would represent the de facto liquidation of the company,” Josef Nemy, an analyst at Komercni Banka AS in Prague who has a sell recommendation on the stock, wrote in a report to clients today. “In that case, existing shareholders couldn’t expect to get a portion of the sale proceeds.” NWR tumbled 26 percent to 6.65 koruna, the biggest drop on record and the lowest close since trading started in May 2008. The stock has retreated 72 percent this year, valuing the company’s equity at 1.8 billion koruna ($90 million), compared with its debt load of 825 million euros ($1.1 billion). Under the revised program published today, bondholders would accept a haircut on their holdings and NWR would sell new equity rights to some existing shareholder and bondholders, increasing the number of shares 25 times. Bakala’s BXR Mining NV, which owns a majority of NWR, would buy 75 million euros ($102 million) of the new shares, the company said.
‘No Recoveries’
The disposal of OKD and Karbonia is part of “contingency planning,” as there is “no certainty” the amended debt-revamp program will be implemented after an original June 2 proposal failed to get enough support from stakeholders, NWR said today. “This could leave certain categories of stakeholders with minimal or no recoveries,” the company said. “In light of this consequence, the board repeats its recommendation to support the proposed consensual transaction as it takes into account the interests of all stakeholders.” NWR’s secured senior Eurobonds maturing in May 2018 gained today, cutting the yield by 83 basis points to 19.95 percent. The rate on the unsecured notes due January 2021 rose 79 basis points to 60.53 percent, data compiled by Bloomberg show.
‘More Willing’
Bakala, whose worth is estimated at about $1 billion by Forbes, drew fire from labor unions and the government for a plan to close its Paskov mine in the eastern Czech Republic. In April, NWR agreed to keep the shaft, which employs 3,000 workers and loses $80 million each year, open until 2017. “The government can hardly get involved in negotiations that NWR is now holding with its creditors,” Prime Minister Bohuslav Sobotka told reporters in Prague today. “I see NWR’s statement from today as some form of pressure on creditors, to make them more willing to reach an agreement.” Today’s proposal indicates NWR would issue shares at about 0.65 koruna each instead of an estimated 9 koruna under the original plan, according to Nemy’s calculations. “The value of NWR shares is, in our opinion, close to zero,” he said.
La situazione sta peggiorando per NWR. La società sta tentando di vendere i pezzi più pregiati del gruppo e le azioni sono precipitate nel vuoto, Qualcuno sostiene che se NWR venderà le miniere in Polonia e Repubblica Ceca, NWR non varrà più nulla. In allegato, grafici di azioni, bond 2021 e bond 2018
New World Resources Plc (NWR) slumped to a record low as the unprofitable Czech coal company said it wants to sell most of its assets, boosting speculation it will go out of business. NWR is inviting offers for its mining units OKD AS in the Czech Republic and NWR Karbonia SA in Poland, the company controlled by billionaire Zdenek Bakala said in a statement today. It will scrap the transaction if the required majority of bondholders and shareholders accept a business-restructuring plan, NWR said. It has named PricewaterhouseCoopers LLP as a prospective insolvency administrator. The sale “would represent the de facto liquidation of the company,” Josef Nemy, an analyst at Komercni Banka AS in Prague who has a sell recommendation on the stock, wrote in a report to clients today. “In that case, existing shareholders couldn’t expect to get a portion of the sale proceeds.” NWR tumbled 26 percent to 6.65 koruna, the biggest drop on record and the lowest close since trading started in May 2008. The stock has retreated 72 percent this year, valuing the company’s equity at 1.8 billion koruna ($90 million), compared with its debt load of 825 million euros ($1.1 billion). Under the revised program published today, bondholders would accept a haircut on their holdings and NWR would sell new equity rights to some existing shareholder and bondholders, increasing the number of shares 25 times. Bakala’s BXR Mining NV, which owns a majority of NWR, would buy 75 million euros ($102 million) of the new shares, the company said.
‘No Recoveries’
The disposal of OKD and Karbonia is part of “contingency planning,” as there is “no certainty” the amended debt-revamp program will be implemented after an original June 2 proposal failed to get enough support from stakeholders, NWR said today. “This could leave certain categories of stakeholders with minimal or no recoveries,” the company said. “In light of this consequence, the board repeats its recommendation to support the proposed consensual transaction as it takes into account the interests of all stakeholders.” NWR’s secured senior Eurobonds maturing in May 2018 gained today, cutting the yield by 83 basis points to 19.95 percent. The rate on the unsecured notes due January 2021 rose 79 basis points to 60.53 percent, data compiled by Bloomberg show.
‘More Willing’
Bakala, whose worth is estimated at about $1 billion by Forbes, drew fire from labor unions and the government for a plan to close its Paskov mine in the eastern Czech Republic. In April, NWR agreed to keep the shaft, which employs 3,000 workers and loses $80 million each year, open until 2017. “The government can hardly get involved in negotiations that NWR is now holding with its creditors,” Prime Minister Bohuslav Sobotka told reporters in Prague today. “I see NWR’s statement from today as some form of pressure on creditors, to make them more willing to reach an agreement.” Today’s proposal indicates NWR would issue shares at about 0.65 koruna each instead of an estimated 9 koruna under the original plan, according to Nemy’s calculations. “The value of NWR shares is, in our opinion, close to zero,” he said.
Allegati
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NWR Launches Court Process
to Restructure its Financial Obligations
New World Resources Plc (‘NWR Plc’) and New World Resources N.V. (the ‘Company’, and together with NWR Plc and its subsidiaries, the ‘NWR Group’) are pleased to announce today that the Company has now formally commenced the court process leading to the restructuring of its financial obligations by means of a sanctioned settlement with all or some of its noteholders. This is marked by the issuance of a Practice Statement Letter today to bring the court process to the attention of the creditors.
Introduction
On 2 July 2014, the NWR Group announced that the Company had agreed revised terms to the previously announced proposed consensual restructuring transaction with the ad hoc joint committee of holders of its senior secured notes and senior unsecured notes, certain individual noteholders, and its majority shareholder. This revised proposed consensual transaction (the ‘Consensual Restructuring Plan’) takes into account the interests of all of the Company’s stakeholders.
Further, as part of its contingency planning, the Company has agreed a proposed alternative restructuring plan (the ‘Alternative Restructuring Plan’) with certain holders of its senior secured notes, in case the Consensual Restructuring Plan is not capable of being implemented, in case the requisite majority of the holders of the senior unsecured notes do not support the Consensual Restructuring Plan.
The Company has received executed lock-up agreements in support of the Consensual Restructuring Plan from 84% of the holders of the senior secured notes and 65% of the holders of the senior unsecured notes by value.
A scheme of arrangement is binding upon the creditors upon completion of the requisite formalities, including a vote by the majority in number and 75% in value of those present and voting in each class of creditors.
New World Resources Plc | c/o Hackwood Secretaries Limited, One Silk Street | London EC2Y 8HQ | United Kingdom | Headquarters: Jachthavenweg 109h | 1081 KM Amsterdam | The Netherlands |
Tel: +31 20 570 2200 I Fax: +31 20 570 2222 I E-mail: [email protected] I New World Resources I
A public company incorporated in England and Wales with Company Number 7584218 I New World Resources Plc is also registered with the trade register in the Netherlands under number 55931758. 1/6
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Practice Statement Letter and Court Hearing
The Company has issued a Practice Statement Letter as required under a practice statement issued by the High Court of Justice in England and Wales to bring the commencement of the court process to restructure its financial obligations by means of a sanctioned settlement (the ‘Scheme of Arrangement’) to the attention of its creditors.
The purpose of the Practice Statement Letter is to give notice to the noteholders of the fact that a Scheme of Arrangement is being promoted by the Company; the purpose that this scheme is designed to achieve; the meetings of creditors that are required for the purposes of voting on the scheme; and the composition of those meetings.
Further, the Practice Statement Letter gives notice that the Company intends to apply to the High Court of England and Wales at a court hearing to be held on 29 July 2014 for an order granting the Company certain directions in relation to Scheme of Arrangement in relation to Consensual Restructuring Plan or the Alternative Restructuring Plan, including permission to convene a meeting of both classes creditors of considering, and, if thought fit, approving the Scheme of Arrangement.
The Scheme of Arrangement in relation to the Alternative Restructuring Plan can only be implemented if and when the Scheme of Arrangement in relation to the Consensual Restructuring Plan fails – this contingent nature of the Alternative Restructuring Plan is built into the proposed scheme documentation.
The lock-up agreement (including a term sheet for each of the Consensual Restructuring Plan and the Alternative Restructuring Plan) and the Practice Statement Letter can be obtained from the information agent, Lucid Issuer Services Limited (contact details are provided at the end of this announcement).
ECA
The transaction is conditional upon an agreement with the lenders who have provided an export credit agency-backed loan to the Company (the ‘ECA Lenders’). The Company continues its constructive discussions with the ECA Lenders and will provide an update as appropriate.
Transaction Timing
The explanatory statement to the scheme of arrangement required to implement the Consensual Restructuring Plan or the Alternative Restructuring Plan (as the case may
New World Resources Plc | c/o Hackwood Secretaries Limited, One Silk Street | London EC2Y 8HQ | United Kingdom | Headquarters: Jachthavenweg 109h | 1081 KM Amsterdam | The Netherlands |
Tel: +31 20 570 2200 I Fax: +31 20 570 2222 I E-mail: [email protected] I New World Resources I
A public company incorporated in England and Wales with Company Number 7584218 I New World Resources Plc is also registered with the trade register in the Netherlands under number 55931758. 2/6
COPY
be) will be distributed to the noteholders as soon as possible after the court hearing on 29 July 2014. The relevant documents for the Company’s shareholders, such as the prospectus and the circular, will be distributed at the same date.
Closing of the Transaction is expected to occur at the end of September 2014. – End –
to Restructure its Financial Obligations
New World Resources Plc (‘NWR Plc’) and New World Resources N.V. (the ‘Company’, and together with NWR Plc and its subsidiaries, the ‘NWR Group’) are pleased to announce today that the Company has now formally commenced the court process leading to the restructuring of its financial obligations by means of a sanctioned settlement with all or some of its noteholders. This is marked by the issuance of a Practice Statement Letter today to bring the court process to the attention of the creditors.
Introduction
On 2 July 2014, the NWR Group announced that the Company had agreed revised terms to the previously announced proposed consensual restructuring transaction with the ad hoc joint committee of holders of its senior secured notes and senior unsecured notes, certain individual noteholders, and its majority shareholder. This revised proposed consensual transaction (the ‘Consensual Restructuring Plan’) takes into account the interests of all of the Company’s stakeholders.
Further, as part of its contingency planning, the Company has agreed a proposed alternative restructuring plan (the ‘Alternative Restructuring Plan’) with certain holders of its senior secured notes, in case the Consensual Restructuring Plan is not capable of being implemented, in case the requisite majority of the holders of the senior unsecured notes do not support the Consensual Restructuring Plan.
The Company has received executed lock-up agreements in support of the Consensual Restructuring Plan from 84% of the holders of the senior secured notes and 65% of the holders of the senior unsecured notes by value.
A scheme of arrangement is binding upon the creditors upon completion of the requisite formalities, including a vote by the majority in number and 75% in value of those present and voting in each class of creditors.
New World Resources Plc | c/o Hackwood Secretaries Limited, One Silk Street | London EC2Y 8HQ | United Kingdom | Headquarters: Jachthavenweg 109h | 1081 KM Amsterdam | The Netherlands |
Tel: +31 20 570 2200 I Fax: +31 20 570 2222 I E-mail: [email protected] I New World Resources I
A public company incorporated in England and Wales with Company Number 7584218 I New World Resources Plc is also registered with the trade register in the Netherlands under number 55931758. 1/6
COPY
Practice Statement Letter and Court Hearing
The Company has issued a Practice Statement Letter as required under a practice statement issued by the High Court of Justice in England and Wales to bring the commencement of the court process to restructure its financial obligations by means of a sanctioned settlement (the ‘Scheme of Arrangement’) to the attention of its creditors.
The purpose of the Practice Statement Letter is to give notice to the noteholders of the fact that a Scheme of Arrangement is being promoted by the Company; the purpose that this scheme is designed to achieve; the meetings of creditors that are required for the purposes of voting on the scheme; and the composition of those meetings.
Further, the Practice Statement Letter gives notice that the Company intends to apply to the High Court of England and Wales at a court hearing to be held on 29 July 2014 for an order granting the Company certain directions in relation to Scheme of Arrangement in relation to Consensual Restructuring Plan or the Alternative Restructuring Plan, including permission to convene a meeting of both classes creditors of considering, and, if thought fit, approving the Scheme of Arrangement.
The Scheme of Arrangement in relation to the Alternative Restructuring Plan can only be implemented if and when the Scheme of Arrangement in relation to the Consensual Restructuring Plan fails – this contingent nature of the Alternative Restructuring Plan is built into the proposed scheme documentation.
The lock-up agreement (including a term sheet for each of the Consensual Restructuring Plan and the Alternative Restructuring Plan) and the Practice Statement Letter can be obtained from the information agent, Lucid Issuer Services Limited (contact details are provided at the end of this announcement).
ECA
The transaction is conditional upon an agreement with the lenders who have provided an export credit agency-backed loan to the Company (the ‘ECA Lenders’). The Company continues its constructive discussions with the ECA Lenders and will provide an update as appropriate.
Transaction Timing
The explanatory statement to the scheme of arrangement required to implement the Consensual Restructuring Plan or the Alternative Restructuring Plan (as the case may
New World Resources Plc | c/o Hackwood Secretaries Limited, One Silk Street | London EC2Y 8HQ | United Kingdom | Headquarters: Jachthavenweg 109h | 1081 KM Amsterdam | The Netherlands |
Tel: +31 20 570 2200 I Fax: +31 20 570 2222 I E-mail: [email protected] I New World Resources I
A public company incorporated in England and Wales with Company Number 7584218 I New World Resources Plc is also registered with the trade register in the Netherlands under number 55931758. 2/6
COPY
be) will be distributed to the noteholders as soon as possible after the court hearing on 29 July 2014. The relevant documents for the Company’s shareholders, such as the prospectus and the circular, will be distributed at the same date.
Closing of the Transaction is expected to occur at the end of September 2014. – End –
qquebec
Super Moderator
E' una specie di chapter 11 (prapackaged bankruptcy). Niente hold out
Aveva reagione Nik 
Sono delle teste di c... 
potevano dirlo subito. Oltretutto, stando al piano industriale (meglio chiamarlo piano liquidatorio), non resterà attaccato quasi nulla all'osso. Il recovery, secondo me, rimane quello già preventivato, ma poi quanto varranno i nuovi bond CV?
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whitesoul9
Forumer storico
E' una specie di chapter 11 (prapackaged bankruptcy). Niente hold out
-2018s are receiving €475m of instruments which is 95% recovery on a blended basis (€60m cash + €300m bonds + €115m convertible notes)
-2021s are receiving €100m of instruments which is 36% recovery on a blended basis (€30m cash + €35m convertible notes + €35m CVR)
Ritieni quindi ancora che il recovery sarà 95 per il 2018 e 36 per il 2021?