Obbligazioni in default Default Season 2009 (1 Viewer)

[troppidebiti]

Blockbuster, la maggiore catena al mondo di video noleggio, sembra che stia cercando un avvocato per esplorare alcune ipotesi per la ristrutturazione della società tra cui il fallimento. Il titolo a New York è arrivato a perdere il 76% a 23 centesimi di dollaro per azione prima della sospensione dalle contrattazioni.

ma io non capisco bene cosa significa il termine "ristrutturazione" una azienda può ristrutturare il proprio debito senza entrare in default? e anche se fosse ...in fututo chi è che presterebbe soldi ad un' azienda che ha già bruciato miliardi di $/€

 

[The Beast]

Tiscali prossima al default?


Con una nota Tiscali, a seguito di quanto comunicato in relazione alla riunione del Consiglio di Amministrazione di Tiscali di venerdì 6 marzo 2009, precisa che "avendo proposto un accordo di Standstill ai principali finanziatori, ha sospeso i pagamenti sui debiti bancari a lungo termine, ivi inclusi quelli aventi scadenza nel mese di marzo".

Nello stessa nota si legge inoltre che "la Società precisa inoltre che il percorso intrapreso è finalizzato al a rinegoziazione del debito finanziario con primari istituti di credito, che si sono resi disponibili alle trattative, e che le attività di business in Italia e nel Regno Unito procedono regolarmente nei confronti sia dei clienti sia dei fornitori."

 

[paologorgo]

mi affascina General Growth, che dice ai bondholders: non vi pago ma fate finta di niente o devo chiedere la bancarotta...

tutto sommato conviene anche ai bondholder, ma qui l'hold out potrebbe essere chi chiede la cedola e scoperchia il tavolo...

* General Growth kicks off solicitation on $2.25 bln debt
* Asks bondholders to hold off on remedies until Dec. 31
* Warns it may seek bankruptcy protection
LOS ANGELES, March 9 (Reuters) - General Growth Properties GGP.N, the No. 2 U.S. mall owner that has warned it may have to file for Chapter 11 bankruptcy protection, began on Monday to ask holders of $2.25 billion of bonds for nine more months of breathing room as it tries to refinance its debt.
General Growth launched a so-called solicitation process on Monday to obtain consent from holders of the $2.25 billion in unsecured notes issued by subsidiary The Rouse Company, asking for their consent to hold off on exercising remedies in case of defaults until Dec. 31, 2009. [ID:nWEN5671]
"This is a significant step in our ongoing efforts to reach a plan with our lenders to develop a long-term solution to the company's maturing debt," Chief Executive Officer Adam Metz said in a statement.
Metz said his firm had consulted on details of the process with financial and legal advisers to a group of bondholders owning about 41 percent of the Rouse notes in question.
General Growth, which owns or manages more than 200 shopping malls across the United States, in February reported it barely broke even in the fiscal fourth quarter as a deteriorating economy took the air out of consumption and pressured occupancy rates.
The firm, which began as a family-owned grocery store in 1954, had borrowed heavily to bankroll an acquisition-led expansion. It faces a debt load of about $27 billion, including $4.1 billion due March 15. [ID:nSP380442]
Its biggest deal was the 2004 acquisition of upscale mall operator Rouse for $14.3 billion, including the assumption of $5.9 billion of debt.
"If the company is unable to obtain forbearances from these creditor groups, or if substantial amounts of the company's debt are accelerated as a result of a default, the company may be forced to seek protection under the bankruptcy code," it said in a statement.
The firm warned Monday it was already past due on $1.18 billion of debt -- not including the Rouse Company notes -- and that this threatened the firm's liquidity position.
Shares of General Growth jumped 15.2 percent to close at 38 cents on the New York Stock Exchange.

http://www.reuters.com/article/marketsNews/idINN0948628720090310?rpc=44

 

[Researcher]

Visteon makes bond payment; avoids bankruptcy

Associated Press, 03.10.09, 03:09 PM EDT
.headap_partner { background-color: #ffffff; color: #ffffff; font-weight: bold; padding:2px;}.borderap_partner{ border:1px solid #ffffff;}.bordercolorap_partner { background-color: #ffffff;}.rowap_partner { background-color: #ffffff;}.row1ap_partner { background-color: #ffffff;}.row2ap_partner{ background-color: #efefef;}.ruleap_partner { background-color: #cccccc;}.spaceap_partner { background-color: #ffffff;} http://www.forbes.com/breakingnews/AP_full.html

Auto parts supplier Visteon Corp. said it made a major payment on outstanding bonds by a Tuesday deadline, avoiding a default that had threatened to send the company into bankruptcy protection.
A spokesman for the Van Buren Township, Michigan-based company said it made an interest payment of about $16 million on bonds set to mature in 2014. Some analysts had said Visteon (nyse: VC - news - people ) - the former parts supplier for Ford Motor Co. (nyse: F - news - people ) - would miss the payment and instead file for bankruptcy protection.

"Our bond interest payment was paid in full today, and we continue to manage through the current challenging operating environment," spokesman Jim Fisher said.
Although Ford spun off Visteon in 2000, it remains a major supplier for the Detroit automaker and also makes parts for other car companies. Like other suppliers, it has been struggling recently amid the collapse in new car sales as automakers idle factories and slash production.
Despite Visteon's woes, Ford's chief executive, Alan Mulally, has said the former parent would not come to Visteon's rescue in the event of a failure. In the past, Ford has taken over plants Visteon has been unable to sell, hired back workers and helped pay retiree benefits.

Ford's position on Visteon is in stark contrast to that of its crosstown rival General Motors Corp. (nyse: GM - news - people ) GM has pumped billions into its spun-off parts supplier, Delphi (other-otc: DPHI.PK - news - people ) Corp., since it filed for bankruptcy protection in 2006. Delphi still has not emerged from bankruptcy.

In some ways Ford isn't as dependent on Visteon as GM is on Delphi, but automaker executives have repeatedly said a disruption in the supply - meaning a bankruptcy - could spell disaster for the entire industry. In a worst-case scenario, some fear that a supplier bankruptcy would cause a chain-reaction of failures across the industry, due to the interdependence among automakers, their suppliers and the companies that supply them.

 

[Imark]

Defaulta di tutto ...

http://www.businessweek.com/ap/financialnews/D96R9FCG2.htm

 

[Mr.Noob]

mi affascina General Growth, che dice ai bondholders: non vi pago ma fate finta di niente o devo chiedere la bancarotta...

tutto sommato conviene anche ai bondholder, ma qui l'hold out potrebbe essere chi chiede la cedola e scoperchia il tavolo...

* General Growth kicks off solicitation on $2.25 bln debt
* Asks bondholders to hold off on remedies until Dec. 31
* Warns it may seek bankruptcy protection
LOS ANGELES, March 9 (Reuters) - General Growth Properties GGP.N, the No. 2 U.S. mall owner that has warned it may have to file for Chapter 11 bankruptcy protection, began on Monday to ask holders of $2.25 billion of bonds for nine more months of breathing room as it tries to refinance its debt.
General Growth launched a so-called solicitation process on Monday to obtain consent from holders of the $2.25 billion in unsecured notes issued by subsidiary The Rouse Company, asking for their consent to hold off on exercising remedies in case of defaults until Dec. 31, 2009. [ID:nWEN5671]
"This is a significant step in our ongoing efforts to reach a plan with our lenders to develop a long-term solution to the company's maturing debt," Chief Executive Officer Adam Metz said in a statement.
Metz said his firm had consulted on details of the process with financial and legal advisers to a group of bondholders owning about 41 percent of the Rouse notes in question.
General Growth, which owns or manages more than 200 shopping malls across the United States, in February reported it barely broke even in the fiscal fourth quarter as a deteriorating economy took the air out of consumption and pressured occupancy rates.
The firm, which began as a family-owned grocery store in 1954, had borrowed heavily to bankroll an acquisition-led expansion. It faces a debt load of about $27 billion, including $4.1 billion due March 15. [ID:nSP380442]
Its biggest deal was the 2004 acquisition of upscale mall operator Rouse for $14.3 billion, including the assumption of $5.9 billion of debt.
"If the company is unable to obtain forbearances from these creditor groups, or if substantial amounts of the company's debt are accelerated as a result of a default, the company may be forced to seek protection under the bankruptcy code," it said in a statement.
The firm warned Monday it was already past due on $1.18 billion of debt -- not including the Rouse Company notes -- and that this threatened the firm's liquidity position.
Shares of General Growth jumped 15.2 percent to close at 38 cents on the New York Stock Exchange.

http://www.reuters.com/article/marketsNews/idINN0948628720090310?rpc=44

Ma per me dovrebbe essere sempre cosi.
Preferisco addirittura mi si salti il pagamento di una cedola piuttosto di vedere la bancarotta.

 

[paologorgo]

Defaulta di tutto ...

http://www.businessweek.com/ap/financialnews/D96R9FCG2.htm

ricordi la mia NRVH (che ha aggiunto la Q appena adesso, mesi dopo il chapter 11)?

E' stata la prima nei recreational. Siamo nel campo automobilistico in senso lato, chissà se non si potrà più dire non c'è un precedente... Bei tempi, comuqnue... almeno ci facevi due soldini...

 

[paologorgo]

Ma per me dovrebbe essere sempre cosi.
Preferisco addirittura mi si salti il pagamento di una cedola piuttosto di vedere la bancarotta.

ovvio, ma mentre Tiscali (per dire...) può mettersi d'accordo con una banca e non pagare gli interessi, qui hai una miriade di bondholder privati. Mi sembra sia paragonabile al ristrutturare, ti metti d'accordo con una maggioranza che capisce i tuoi problemi, ma non hai un modo giuridicamente valido di forzare tutti ad accettare...

quindi fossi un concorrente (questo non è il settore giusto, in realtà...) comprerei due bond, chiederei il pagamento della cedola, e voilà, bancarotta (bastano tre creditori insoddisfatti...)

si fa per parlare...

 

[Gaudente]

eccone un'altra

Oggi girellando su Bloomberg sono incappato in quest'altra http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJFvHYTMxNCQ
la Orco Property Group ha chiesto sei mesi di protezione dai creditori al tribunale di Parigi. Se siete in vena di follie , la convertibile sul sito della Erste viene indicata a 15 , e la trimestrale al 30 settembre evidenzia addirittura un patrimonio netto ancora positivo ! http://www.orcogroup.com/Files/publ...nths-results/ORCO-PR_9_months_accounts_EN.pdf
Ovviamente non ci metto un centesimo, ma e' senz'altro meglio di un bond GM

 

[paologorgo]

General Growth (GGP) announced that its consent solicitation expired on March 27 without obtaining the required minimum consents from The Rouse Company bondholders. As there has been no new extension announced, this can only mean that the company is now in default, although we would wait for a formal announcement from the company, which is continuing last minute "hail mary discussions" with TRLCP ad hoc bondholders.
Importantly, no forbearances have been obtained and any bondholder can now effectively put the company in bankruptcy.

GGP's press release below:

General Growth Announces Continued Discussions with TRCLP Bond Holders’ Ad Hoc Committee and 2006 Senior Credit Agreement Lenders

Business Wire

CHICAGO -- March 30, 2009

General Growth Properties, Inc. (NYSE: GGP) (the “Company”) today announced it was continuing discussions with the ad hoc committee of the holders of all series of The Rouse Company LP (“TRCLP”) unsecured notes (the “TRCLP Notes”) and its syndicate of lenders under the 2006 Senior Credit Agreement, since TRCLP did not achieve the minimum acceptance levels for the previously announced consent solicitation from the holders TRCLP Notes to forbear from exercising remedies with respect to various payment and other defaults under the TRCLP Notes. Accordingly, the consent solicitation expired as of 5:00 p.m., New York City time, on March 27, 2009 in accordance with its terms.

“Although we did not achieve the minimum acceptance levels for each series of notes, we did receive a significant number of consents from the holders of all five series,” said Adam Metz, CEO. “We are grateful for the support we received from the holders of the TRCLP Notes and we are working with the representatives of the TRCLP Notes and the 2006 Senior Credit Agreement lenders to address the credit crisis facing the Company.”
​