Obbligazioni in default Default Season 2009 (2 lettori)
- Creatore Discussione Imark
- Data di Inizio
The Beast
Rating? No grazie!
(ANSA) - MILANO, 16 LUG - Risanamento, il gruppo immobiliare che fa capo a Luigi Zunino, ha avviato la procedura di fallimento. Il cda si riunira' lunedi'. In particolare, la societa' ha ricevuto 'il decreto con cui il Tribunale di Milano ha convocato Risanamento a comparire all'udienza del 29 luglionell'ambito del procedimento volto all'accertamento dei presupposti della dichiarazione di fallimento della societa' stessa, in seguito della richiesta di dichiarazione formulata dalla Procura di Milano'.
Researcher
Stop Loss? No, Thanks!!!
Fra poco arriverà pure CIT
Imark
Forumer storico
Ceva. Altro emittente a leverage estremamente elevato, che emise un bond HY che godette all'epoca di qualche popolarità "di là"....
Moody's affirms CEVA's CFR at Caa1 with a negative outlook upon closing of debt exchange offer
Approximately USD2,931 million of rated debt affected
Milan, July 20, 2009 -- Moody's Investors Service has today affirmed CEVA Group plc's ("CEVA") Corporate Family Rating (CFR) at Caa1 and changed the Probability of Default Rating (PDR) to Caa1/LD (Limited Default) from Ca. The LD suffix (Limited Default) was attached reflecting the final closing of CEVA's debt exchange transaction. Moody's expects to remove the LD designation after approximately three business days. The senior subordinated rating on the EUR225 million notes due 2016 was also upgraded to Caa3 from Ca. All other debt ratings have been affirmed at current level: senior secured rating at B1; and senior secured second lien and senior unsecured ratings at Caa2. The outlook for the ratings remains negative.
The PDR of Caa1/LD follows the completion of CEVA's debt exchange offer that Moody's viewed as event of default under the rating agency's definition. Bond and loan holders who accepted the exchange will receive a quota of a newly issued EUR210 million Second Priority Secured Notes maturing in 2014. The new notes will be secured, on a second priority, to the same package securing the senior secured first lien notes and will offer a coupon of 12%.
The CFR has been affirmed at Caa1 reflecting Moody's view that CEVA's operating performance is likely to remain subdued over the short to medium term as difficult market conditions and increasing pricing pressure are likely to increase the execution risk of the company's cost reduction programmes.
In addition, Moody's notes the relatively small reduction in financial debt following the distressed exchange that should only marginally reduce the financial leverage of the company going forward. The negative rating outlook reflects Moody's expectations that difficult market conditions are likely to result in key credit metrics, particularly financial leverage remaining weak over the intermediate term with increasing pressure on the company's liquidity situation.
Issuer: CEVA Group plc
Probability of Default Rating, to Caa1/LD from Ca
Senior Subordinated Regular Bond, to Caa3 (LGD6, 96%) from Ca
Corporate Family Rating at Caa1
Senior Secured Bank Credit Facility at B1 (LGD2, 20%)
Senior Secured Second Lien Bond at Caa2 (LGD5, 74%)
Senior Unsecured Bond at Caa2 (LGD5, 74%)
The last rating action on CEVA was implemented on 19 June 2009, when Moody's downgraded CEVA's PDR to Ca from Caa1 following the company's announcement of its offer to exchange part of its existing debt for a EUR210 million new Second-Priority Secured Notes.
CEVA's ratings were assigned by evaluating factors we believe are relevant to the credit profile of the issuer, such as (i) the business risk and competitive position of the company versus others within its industry, (ii) the capital structure and financial risk of the company, (iii) the projected performance of the company over the near to intermediate term, and (iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of CEVA's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk.
CEVA Group plc is the fourth-largest integrated logistic provider in the world in terms of revenues, which were approximately EUR6.3 billion at FYE2008. The company operates in over 150 countries worldwide, employing around 50,000 people and managing in excess of 9.2 million square metres of warehouse facilities. CEVA's activities include the former Contract Logistics (CL) business as acquired from TNT N.V. during 2006 and the Freight Management (FM) business of EGL, a US-based company acquired in August 2007
Moody's affirms CEVA's CFR at Caa1 with a negative outlook upon closing of debt exchange offer
Approximately USD2,931 million of rated debt affected
Milan, July 20, 2009 -- Moody's Investors Service has today affirmed CEVA Group plc's ("CEVA") Corporate Family Rating (CFR) at Caa1 and changed the Probability of Default Rating (PDR) to Caa1/LD (Limited Default) from Ca. The LD suffix (Limited Default) was attached reflecting the final closing of CEVA's debt exchange transaction. Moody's expects to remove the LD designation after approximately three business days. The senior subordinated rating on the EUR225 million notes due 2016 was also upgraded to Caa3 from Ca. All other debt ratings have been affirmed at current level: senior secured rating at B1; and senior secured second lien and senior unsecured ratings at Caa2. The outlook for the ratings remains negative.
The PDR of Caa1/LD follows the completion of CEVA's debt exchange offer that Moody's viewed as event of default under the rating agency's definition. Bond and loan holders who accepted the exchange will receive a quota of a newly issued EUR210 million Second Priority Secured Notes maturing in 2014. The new notes will be secured, on a second priority, to the same package securing the senior secured first lien notes and will offer a coupon of 12%.
The CFR has been affirmed at Caa1 reflecting Moody's view that CEVA's operating performance is likely to remain subdued over the short to medium term as difficult market conditions and increasing pricing pressure are likely to increase the execution risk of the company's cost reduction programmes.
In addition, Moody's notes the relatively small reduction in financial debt following the distressed exchange that should only marginally reduce the financial leverage of the company going forward. The negative rating outlook reflects Moody's expectations that difficult market conditions are likely to result in key credit metrics, particularly financial leverage remaining weak over the intermediate term with increasing pressure on the company's liquidity situation.
Issuer: CEVA Group plc
Probability of Default Rating, to Caa1/LD from Ca
Senior Subordinated Regular Bond, to Caa3 (LGD6, 96%) from Ca
Corporate Family Rating at Caa1
Senior Secured Bank Credit Facility at B1 (LGD2, 20%)
Senior Secured Second Lien Bond at Caa2 (LGD5, 74%)
Senior Unsecured Bond at Caa2 (LGD5, 74%)
The last rating action on CEVA was implemented on 19 June 2009, when Moody's downgraded CEVA's PDR to Ca from Caa1 following the company's announcement of its offer to exchange part of its existing debt for a EUR210 million new Second-Priority Secured Notes.
CEVA's ratings were assigned by evaluating factors we believe are relevant to the credit profile of the issuer, such as (i) the business risk and competitive position of the company versus others within its industry, (ii) the capital structure and financial risk of the company, (iii) the projected performance of the company over the near to intermediate term, and (iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of CEVA's core industry and the company's ratings are believed to be comparable to those of other issuers of similar credit risk.
CEVA Group plc is the fourth-largest integrated logistic provider in the world in terms of revenues, which were approximately EUR6.3 billion at FYE2008. The company operates in over 150 countries worldwide, employing around 50,000 people and managing in excess of 9.2 million square metres of warehouse facilities. CEVA's activities include the former Contract Logistics (CL) business as acquired from TNT N.V. during 2006 and the Freight Management (FM) business of EGL, a US-based company acquired in August 2007
paologorgo
Chapter 11
We saw 20 public companies file for bankruptcy in July which brings our year-to-date total to 143 public company bankruptcy filings.
Public companies that filed for bankruptcy in the month of July 2009
Company Name
Security Bank Corporation
GPS Industries, Inc.
Station Casinos, Inc.
eNucleus, Inc.
Applied Solar, Inc.
Vineyard National Bancorp.
O2Diesel Corporation
Luna Innovations Incorporated
Basin Water, Inc.
Biopure Corporation
Santa Fe Holding Company
ISCO International, Inc.
RathGibson, Inc.
Oscient Pharmaceuticals Corporation
Aurora Oil & Gas Corporation
Electroglas, Inc.
Lear Corporation
Proliance International, Inc.
QSGI Inc.
Advanced Materials Group, Inc.
Public companies that filed for bankruptcy in the month of July 2009
Company Name
Bankruptcy Date
07/31/09
07/31/09
07/28/09
07/25/09
07/24/09
07/21/09
07/21/09
07/17/09
07/16/09
07/16/09
07/15/09
07/14/09
07/13/09
07/13/09
07/12/09
07/09/09
07/07/09
07/02/09
07/02/09
07/02/09
The Beast
Rating? No grazie!
Per restare sul ns Mercato
MILANO - Il consiglio di amministrazione di Socotherm, azienda quotata in Borsa, conosciuta a livello internazionale nel settore dei rivestimenti per tubi, ha fatto domanda di concordato preventivo per ristrutturazione che sarà depositato presso il Tribunale di Vicenza.
e:
Roma, 7 ago - Il Cda di Trevisan riunitosi in data odierna ha preso atto che, con riferimento all'accordo quadro sottoscritto in data 2 luglio 2009 con i nuovi investitori, non si è verificata la condizione relativa al fatto che, entro e non oltre il 5 agosto 2009, Trevisan abbia sottoscritto con le banche una convenzione avente ad oggetto la ristrutturazione del debito della Società. Di conseguenza, il Consiglio di Amministrazione ha preso atto che l'accordo quadro è divenuto privo di effetti.
Il Consiglio di Amministrazione ha quindi deliberato di richiedere l'ammissione della Società alla procedura concorsuale che, sulla base delle verifiche in corso, si riterrà più opportuna, rinviando tale determinazione ad una prossima riunione del Consiglio da tenersi presumibilmente nei primi giorni di settembre. Di conseguenza, Il Consiglio di Amministrazione non ha approvato la Relazione Finanziaria Semestrale.
Il Consiglio di Amministrazione si è altresì riservato di valutare se il comportamento tenuto dai nuovi investitori possa configurare eventuali profili di responsabilità a questi ultimi addebitabili
MILANO - Il consiglio di amministrazione di Socotherm, azienda quotata in Borsa, conosciuta a livello internazionale nel settore dei rivestimenti per tubi, ha fatto domanda di concordato preventivo per ristrutturazione che sarà depositato presso il Tribunale di Vicenza.
e:
Roma, 7 ago - Il Cda di Trevisan riunitosi in data odierna ha preso atto che, con riferimento all'accordo quadro sottoscritto in data 2 luglio 2009 con i nuovi investitori, non si è verificata la condizione relativa al fatto che, entro e non oltre il 5 agosto 2009, Trevisan abbia sottoscritto con le banche una convenzione avente ad oggetto la ristrutturazione del debito della Società. Di conseguenza, il Consiglio di Amministrazione ha preso atto che l'accordo quadro è divenuto privo di effetti.
Il Consiglio di Amministrazione ha quindi deliberato di richiedere l'ammissione della Società alla procedura concorsuale che, sulla base delle verifiche in corso, si riterrà più opportuna, rinviando tale determinazione ad una prossima riunione del Consiglio da tenersi presumibilmente nei primi giorni di settembre. Di conseguenza, Il Consiglio di Amministrazione non ha approvato la Relazione Finanziaria Semestrale.
Il Consiglio di Amministrazione si è altresì riservato di valutare se il comportamento tenuto dai nuovi investitori possa configurare eventuali profili di responsabilità a questi ultimi addebitabili
Broker88
Senior Member
E' fallita Colonial, è il sesto più grande fallimento bancario USA 
http://www.calculatedriskblog.com/2009/08/bank-failure-74-down-goes-colonial.html
http://www.calculatedriskblog.com/2009/08/bank-failure-74-down-goes-colonial.html
Imark
Forumer storico
Escada. E' uno dei pochi casi di questi tempi in Europa di default a seguito del fallimento di una distressed exchange offer su titoli di debito dell'emittente. Anche il bond HY emesso da Escada aveva avuto qualche seguito, all'epoca, "di là"...
Moody's downgrades ESCADA's PDR to D after insolvency filing
Approximately EUR200 million of rated debt affected
Milan, August 14, 2009 -- Moody's Investors Service has today downgraded ESCADA AG's ("ESCADA") Probability of Default Rating (PDR) to D from Ca. The Corporate Family Rating (CFR) and the senior unsecured rating on the EUR200 million notes due 2012 remain unchanged at Ca. The outlook on the ratings is stable. The action reflects the failure of the proposed exchange offer of the notes and subsequent company's filing for insolvency.
The PDR downgrade to D was prompted by ESCADA's filing an insolvency petition with the competent insolvency court on 13 of August 2009 under German law.
The filing for insolvency follows the failure to reach the 80% minimum acceptance level of a proposed exchange offer to ESCADA's bondholder.
This minimum acceptance level was required as the condition sine qua non to start a refinancing plan that was aimed at the financial restructuring of the group and that comprised both a new equity injection from existing shareholders and the refinancing of credit lines.
The company's decision follows the operating difficulties that company has been facing due to adverse market condition and soft consumer spending.
Downgrades:
..Issuer: Escada AG
.Probability of Default Rating, Downgraded to D from Ca.
Outlook is stable.
The last rating action on ESCADA was on 29 June 2009, when Moody's downgraded ESCADA's ratings to Ca from Caa3, following the announcement of the Notes exchange offer. The principal methodology used in rating ESCADA was the Global Apparel Industry rating methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating ESCADA can also be found in the Credit Policy & Methodologies directory.
ESCADA, headquartered in Munich, is one of the leading European manufacturers and distributors of ready-to-wear high-end apparel for women. In the financial year ended 31 October 2008, the company reported consolidated sales of EUR582 million and EBITDA of EUR8.2 million
Moody's downgrades ESCADA's PDR to D after insolvency filing
Approximately EUR200 million of rated debt affected
Milan, August 14, 2009 -- Moody's Investors Service has today downgraded ESCADA AG's ("ESCADA") Probability of Default Rating (PDR) to D from Ca. The Corporate Family Rating (CFR) and the senior unsecured rating on the EUR200 million notes due 2012 remain unchanged at Ca. The outlook on the ratings is stable. The action reflects the failure of the proposed exchange offer of the notes and subsequent company's filing for insolvency.
The PDR downgrade to D was prompted by ESCADA's filing an insolvency petition with the competent insolvency court on 13 of August 2009 under German law.
The filing for insolvency follows the failure to reach the 80% minimum acceptance level of a proposed exchange offer to ESCADA's bondholder.
This minimum acceptance level was required as the condition sine qua non to start a refinancing plan that was aimed at the financial restructuring of the group and that comprised both a new equity injection from existing shareholders and the refinancing of credit lines.
The company's decision follows the operating difficulties that company has been facing due to adverse market condition and soft consumer spending.
Downgrades:
..Issuer: Escada AG
.Probability of Default Rating, Downgraded to D from Ca.
Outlook is stable.
The last rating action on ESCADA was on 29 June 2009, when Moody's downgraded ESCADA's ratings to Ca from Caa3, following the announcement of the Notes exchange offer. The principal methodology used in rating ESCADA was the Global Apparel Industry rating methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies sub-directory. Other methodologies and factors that may have been considered in the process of rating ESCADA can also be found in the Credit Policy & Methodologies directory.
ESCADA, headquartered in Munich, is one of the leading European manufacturers and distributors of ready-to-wear high-end apparel for women. In the financial year ended 31 October 2008, the company reported consolidated sales of EUR582 million and EBITDA of EUR8.2 million
Imark
Forumer storico
Magari quelli bravi nell'analisi di bilancio potrebbero dare un'occhiata ad Escada... c'è qualche presupposto per interessarsene... 
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=12054057
[FONT=Arial, Helvetica, sans-serif]German Fashion Company ESCADA Lowered To 'D' On Bankruptcy Protection Filing; Recovery Rating '3' Unchanged[/FONT]
LONDON (Standard & Poor's) Aug. 14, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit rating on German high-end women's fashion designer and retailer ESCADA AG to 'D' (Default) from 'CC'.
At the same time, the issue rating on ESCADA's €200 million senior unsecured notes due 2012 (Notes) was also lowered to 'D'. The recovery rating of '3' on the Notes is unchanged, indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. On April 30, 2009, ESCADA reported net debt of €199 million.
The rating action follows ESCADA's announcement that on Aug. 13, 2009, it filed an insolvency petition with the insolvency court within the Municipal Court of Munich. On the same day, the court decreed the preliminary
administration of ESCADA's assets and appointed a preliminary insolvency administrator.
On April 24, 2009, Standard & Poor's lowered its corporate credit rating on ESCADA to 'CC' with a negative outlook after ESCADA made a public offer for the conversion of the Notes into new obligations. On Aug. 11, 2009, ESCADA's management announced that it would seek bankruptcy protection if the offer did not get at least 80% bondholder acceptance. On expiry, the offer secured less than 50% acceptance, prompting yesterday's action by ESCADA.
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=12054057
[FONT=Arial, Helvetica, sans-serif]German Fashion Company ESCADA Lowered To 'D' On Bankruptcy Protection Filing; Recovery Rating '3' Unchanged[/FONT]
At the same time, the issue rating on ESCADA's €200 million senior unsecured notes due 2012 (Notes) was also lowered to 'D'. The recovery rating of '3' on the Notes is unchanged, indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. On April 30, 2009, ESCADA reported net debt of €199 million.
The rating action follows ESCADA's announcement that on Aug. 13, 2009, it filed an insolvency petition with the insolvency court within the Municipal Court of Munich. On the same day, the court decreed the preliminary
administration of ESCADA's assets and appointed a preliminary insolvency administrator.
On April 24, 2009, Standard & Poor's lowered its corporate credit rating on ESCADA to 'CC' with a negative outlook after ESCADA made a public offer for the conversion of the Notes into new obligations. On Aug. 11, 2009, ESCADA's management announced that it would seek bankruptcy protection if the offer did not get at least 80% bondholder acceptance. On expiry, the offer secured less than 50% acceptance, prompting yesterday's action by ESCADA.
The Beast
Rating? No grazie!
Uh.....brutta aria in casa SNIA
Snia, no opinion di revisori Kpmg su bilancio semestrale
sabato 29 agosto 2009 12:10
MILANO, 29 agosto (Reuters) - Kpmg, la società di revisione contabile di Snia (SIAI.MI: Quotazione), non è in grado di eprimersi sul bilancio semestrale al 30 giugno del gruppo chimico a causa delle molteplici incertezze che riguardano la sua situazione economica e patrimoniale.
Lo dice una nota della società che riporta la relazione dei revisori contabili emessa oggi e allegata alla semestrale approvata ieri dal Cda che ha deciso di convocare l'assembela straordinaria per l'adozione dei provvedimenti ai sensi dell'articolo 2447 del codice civile.
"Sulla base quanto svolto, a causa delle rilevanza delle limitazioni alle nostre verifiche [..] e degli effetti connessi alle incertezze [..] non siamo in grado di esprimerci sulla conformità del bilancio consolidato semestrale abbreviato del gruppo Snia al 30 giugno 2009 al principio contabile internazionale applicabile per l'informativa finanziaria infrannuale (Ias 34) adottato dall'Unione Europa", dice Kpmg nelle conclusioni della sua relazione.
Nel documento i revisori ricordano che a fine giugno Snia Spa ha riportato una perdita pari a 6,434 milioni di euro e un deficit patrimoniale di circa 0,3 milioni, incorrendo nella situazione prevista dall'articolo 2447 del codice civile che riguarda la riduzione del capitale sociale al disotto del limite legale.
Snia, ricorda Kmpg, ha aviato un piano di ristrutturazione del debito, che prevede anche un aumento di capitale fino a 10 milioni, ma il cui esito positivo è, allo stato, incerto. Sono state inoltre intraprese azioni per la vendita di alcuni asset immobilairi.
Sul gruppo pende l'apertura, a fine giugno scorso, della procedura di amministrazione straordinaria della partecipata Caffaro Chimica dichiarata in stato di insolvenza dal Tribunale di Udine il 19 maggio, spiega inoltre Kpmg.
Ieri Borsa Italiana ha annunciato la sospensione dalle negoziazioni a tempo indeterminato delle azioni ordinarie, i warrant e le obbligazioni convertibili Snia.
Snia, no opinion di revisori Kpmg su bilancio semestrale
sabato 29 agosto 2009 12:10
MILANO, 29 agosto (Reuters) - Kpmg, la società di revisione contabile di Snia (SIAI.MI: Quotazione), non è in grado di eprimersi sul bilancio semestrale al 30 giugno del gruppo chimico a causa delle molteplici incertezze che riguardano la sua situazione economica e patrimoniale.
Lo dice una nota della società che riporta la relazione dei revisori contabili emessa oggi e allegata alla semestrale approvata ieri dal Cda che ha deciso di convocare l'assembela straordinaria per l'adozione dei provvedimenti ai sensi dell'articolo 2447 del codice civile.
"Sulla base quanto svolto, a causa delle rilevanza delle limitazioni alle nostre verifiche [..] e degli effetti connessi alle incertezze [..] non siamo in grado di esprimerci sulla conformità del bilancio consolidato semestrale abbreviato del gruppo Snia al 30 giugno 2009 al principio contabile internazionale applicabile per l'informativa finanziaria infrannuale (Ias 34) adottato dall'Unione Europa", dice Kpmg nelle conclusioni della sua relazione.
Nel documento i revisori ricordano che a fine giugno Snia Spa ha riportato una perdita pari a 6,434 milioni di euro e un deficit patrimoniale di circa 0,3 milioni, incorrendo nella situazione prevista dall'articolo 2447 del codice civile che riguarda la riduzione del capitale sociale al disotto del limite legale.
Snia, ricorda Kmpg, ha aviato un piano di ristrutturazione del debito, che prevede anche un aumento di capitale fino a 10 milioni, ma il cui esito positivo è, allo stato, incerto. Sono state inoltre intraprese azioni per la vendita di alcuni asset immobilairi.
Sul gruppo pende l'apertura, a fine giugno scorso, della procedura di amministrazione straordinaria della partecipata Caffaro Chimica dichiarata in stato di insolvenza dal Tribunale di Udine il 19 maggio, spiega inoltre Kpmg.
Ieri Borsa Italiana ha annunciato la sospensione dalle negoziazioni a tempo indeterminato delle azioni ordinarie, i warrant e le obbligazioni convertibili Snia.