Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[qquebec]

Eircom, avanti con fatica

Eircom ha reso noto oggi i risultai dell'anno fiscale e dell'ultimo trimestre che si è concluso il 30 Giugno scorso. A parte i commenti del management, ormai divenuti poco credibili, a parlare sono soprattutto i numeri. Nel secondo trimestre del 2010 Eircom ha evidenziato ancora grosse difficoltà a fare utili che in sintesi riguardano la perdita di altri 18mila clienti di telefonia fissa e 22mila di telefonia mobile a fronte di un incremento di 5mila unità nel segmento DSL. In pratica, le perdite di ricavi hanno riguardato soprattutto il segmento di telefonia mobile (-12%) e fissa (-7%). Tradotto in soldoni, Eircom ha totalizzato ricavi per 440 mln di euro in ulteriore calo dell'8% rispetto allo stesso tenebroso periodo del 2009 evidenziando le difficoltà ad invertire il ciclo pur in un contesto di debole ripresa dei mercati globali. Stabile l'Ebitda a 172 milioni, ma solo grazie al drastico taglio dei costi del personale che ha visto il licenziamento di 456 dipendenti. Buono, di conseguenza, il flusso di cassa che si attesta a 127 mln di euro. Utile netto, però, negativo per 14 mln di euro. anche il totale degli assets hanno subito un deterioramento passando da 5.183 mln a 4.948 mln (-4,5%).
Sostanzialmente stabile il debito del gruppo che si attesta a 3,5 mld di euro.

 

[qquebec]

Yioula Glassworks, meglio delle attese

Conti in deciso miglioramento per la multinazionale greca, leader nell'area balcanica, che fabbrica e distribuisce prodotti da imbottigliamento. Il primo semestre 2010 si è chiuso con ricavi per 101,8 mln di euro (+3,5%) di cui solo la metà realizzati in Bulgaria. L'utile operativo è stato di oltre 27,2 mln di euro (-1,2%), mentre il risultato netto è tornato positivo a quota 3,6 mln di euro (rispetto a una perdita di 287mila euro dello scorso anno), anche grazie alla riduzione delle spese finanziarie, scese a 9,9 mln di euro, il 10% in meno rispetto a un anno prima. Interessante, invece, la voce relativa al debito che è scesa da 228 a 221 mln di euro, di cui il 60% caricato sul bond 9% scadenza 2015. Cash flow a quota 4 mln

 

[qquebec]

ST Telemedia: Eircom è in grado di evitare il default

Durante una conference call, il Ceo di STT Peter Gross, ha dichiarato che Eircom sarà in grado di evitare il default e che la società sta considerando come opzioni possibili un aumento di capitale e una rinegoziazione del debito, operazione quest'ultima che ha già visto Eircom scegliere come advisors JP Morgan e Gleacher Shacklock. Intanto il bond PIK 2017 è arrivato a 617 mln di euro di flottante, il 37% in più rispetto all'emissione iniziale da 450 mln. I soldi in cassa al 30/06/2010 (400 mln di euro) non basterebbero, però, a coprire nemmeno un terzo dei debiti bancari in scadenza fra quattro anni.

(Bloomberg 31/08/2010) - Chief Financial Officer Peter Cross said on the conference call he’s confident Eircom will be able to avoid a default, and that the company is considering options including raising equity from shareholders and renegotiating debt covenants with lenders. “It’s an active and pretty serious piece of work for the board but we’re pretty confident that we’ll successfully address the issues,” Cross said. Standard & Poor’s said in a July report that Eircom may breach conditions on its loans in 2011. The company also has about 617 million euros of payment-in-kind, or PIK, notes due in 2017 and 350 million euros of floating-rate notes maturing 2016, according to data compiled by Bloomberg. PIKs allow a borrower to make interest payments with more debt rather than cash. Gleacher Shacklock LLP, a London-based investment bank, and JPMorgan Chase & Co. are advising Eircom on options to restructure its debt.

 

[fabriziof]

Eircom in talks to restructure its debt

By John Murray Brown
Published: August 31 2010 23:09 | Last updated: August 31 2010 23:09

Eircom, the Irish telecoms company, is in talks over a possible debt restructuring and warned on Tuesday that without action it could breach its bank covenants in the next 12 to 18 months.
Peter Cross, chief financial officer, said the company was in discussions on “all options around the medium covenant question and the longer-term financial structure of the group”
The company earlier this year denied reports it was planning a debt restructuring. But in June, it appointed Gleacher Shacklock and JPMorgan to consider a range of options.
Mr Cross said these included seeking a renegotiation of its €3.3bn (£2.7bn) debt with its banks, a debt swap or raising fresh equity from its shareholders.
He declined to rule out the possibility of following the example of Wind Hellas, the Greek mobile phone operator, which moved its headquarters to London and used a prepackaged administration to wipe out more than €1bn of its unsecured bonds without losing control of the business.
In May, Moody’s downgraded the debt of ERC Finance, an indirect parent company of Eircom, prompting a sell-off of Eircom “payment in kind” notes, a form of junior debt.
The rating agency cited the “lack of meaningful deleveraging as a result of a weakening operating performance and uncertainties regarding the overall strategic direction of the company and its long-term capital structure”.
Eircom, as a former state-owned company, has 70 per cent of the fixed-line market in Ireland. But after five owners since privatisation in 1999, the new owners, Singapore Technologies Telemedia, face one of the highest debt levels of any European telecoms company at 5.5 times earnings before interest, tax, depreciation and amortisation.
Mr Cross insisted on Tuesday there was “positive headroom” on covenants, pointing to €400m of cash on the balance sheet, €140m of cashflow and a benign profile of debt repayments, with €101m due by June 2011 and €431m by June 2014. “None of this is about short-term liquidity or cash-flow, it’s simply about covenant rules,” said Mr Cross.
His comments come as the company reported a decline in adjusted ebitda of 3.3 per cent to €669m on revenues down 8.5 per cent to €1.8bn for the 12 months to June 30.
The company has been hit by the Irish recession. Paul Donovan, chief executive, said: “At the moment, we’re not seeing any green shoots of recovery, so it would be wrong to predict any material improvement around the top line.

negata per ora l'intenzione di fare come sawiris.speriamo bene

 

[paologorgo]

 

[paologorgo]

[FONT=Verdana,Geneva,Arial,Helvetica,sans-serif]Truvo USA filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement the Plan is intended to enable the Reorganized Truvo Group to continue present operations without the likelihood of a subsequent liquidation or the need for further financial reorganization except as contemplated by the Plan. The Plan allows for each Administrative Expense Claim to be paid in full; all requests for compensation or reimbursement of Substantial Contribution Claims shall be filed and served on reorganized Truvo and its counsel; the legal, equitable and contractual rights of the holders of Priority Tax Claims and Other Secured Claims are unaltered by the Plan; the estimated percentage recovery for Senior Debt Claims is 67.2-87.5%; the estimated percentage recovery for HY Noteholder Classes is 2.8% - 5.4%; the estimated percentage recovery for PIK Loan Claims is 0%-.7%; Intercompany Claims and Intercompany Equity Interests have not been classified and thus are excluded from the Classes of Claims and Equity Interests set forth in Article III of the Plan. As provided in Section 5.15 of the Plan, all Intercompany Equity Interests will be cancelled and/or sold to Newco and holders thereof will be entitled to no distribution under the Plan.[/FONT]

 

[fabriziof]

i cioccolatai di jyske come al solito euforici su eircom continuano a dire buy

 

[qquebec]

Donovan: "se non facciamo qualcosa entro 12 mesi, si va in default"

Questa volta a parlare di default è il Ceo di Eircom Paul Donovan, colui che fino a qualche mese fa diceva di stare tranquilli che la Compagnia non aveva bisogno di rivedere il debito e che c'erano risorse sufficienti per onorare gli impegni. Già, adesso che tutti hanno gridato al lupo (i primi sono stati i sindacati dei lavoratori) è un po' difficile continuare a nascondersi. E la situazione non è così semplice da gestire, poiché i 400 mln che ci sono in cassa sono più che altro risparmi di gestione derivanti dal draconiano taglio del personale che non potrà andare avanti all'infinito. Anzi, adesso Eircom dovrà affrontare nuovamente i sindacati prima di ridurre nuovamente i costi di altri 90 mln di euro nei prossimi tre anni, come ha intenzione di fare. Non solo, Meteor, il braccio armato del gruppo, quello che dovrebbe fare la differenza, ha registrato nell'ultimo trimestre una contrazione dei ricavi dovuta alla perdita di 22mila clienti. E la concorrenza con Vodafone e O2 è sempre più serrata, come indica anche l'ARPU (ricavi medi per utente), scivolato in basso del 15% in un anno, passando da 37,26 a 31,69.

Eircom issues debt warning as revenues continue to decline
(The Irishtime, Sept 1) - Eircom yesterday warned that it could breach the covenants on its €3.8 billion net debt within the next 12 to 18 months as the company’s revenues continue to shrink in the recession. It also wants a reduction in labour costs of €90 million over the next three years to make the business more competitive. This is all against a backdrop of declining sales across the group. Revenues fell by 8.5 per cent in the year to the end of June to just more than €1.8 billion. On a positive note, Eircom trimmed its operating costs by 11.5 per cent. This helped the company to keep the reduction in its earnings before interest, tax, depreciation and amortisation (Ebitda) – a key metric for its lenders – to just 3.3 per cent at €669 million. Eircom lost 70,000 fixed-line customers during the year – more than 1,300 a week. Fixed-line revenues fell by 8.5 per cent to €1.4 billion. Its Meteor mobile phone business also suffered “tough” trading with revenues down 7.7 per cent at €458 million. In the fourth quarter, Meteor’s average revenue per unit (Arpu) fell by 15 per cent to €31.69. Its Arpu has declined almost every month for the past two years. Eircom chief executive Paul Donovan is battling to stabilise Eircom’s Ebitda to avoid triggering a default on its debt covenants. When asked about the potential for a debt default, Mr Donovan told The Irish Times: “We’re saying this is something that may occur if we don’t take action during the next 12 to 18 months. “Clearly, some of those actions are relating to the business in terms of it running better. “Equally, there are other things we can do. We can engage our lenders in a dialogue around those covenants and seek to achieve some relief. “Or, under our senior [debt] financing arrangements, we can work with our shareholders on some kind of equity cure where they put in equity and it counts as Ebitda.” Mr Donovan declined to comment on whether its shareholders, Singapore-based STT and the employee Esot, would provide fresh equity for the business. The company is being advised on its financial options by JP Moran and Gleacher Shacklock. “We haven’t reached any definitive conclusions; it’s an incredibly complex exercise with many different ways forward,” Mr Donovan said. “It’s not something that has to happen next week or next month because a likely covenant breach would be some time down the road. We have plenty of room to manage that.” Mr Donovan said Eircom has close to €400 million in cash available to the business. In terms of reducing its labour costs, Mr Donovan said no target has been set for jobs cuts. The matter is under discussions with its unions. By the end of June, Eircom had reduced its headcount by 1,531 staff – well ahead of the 1,200 target set for March 2011. “We have to have a cost base which is competitive and we are some way away from that yet,” he added. Eircom plans to launch a new mobile brand in the coming weeks in what is already a crowded market. “Meteor is an incredibly strong brand but its core target market is effectively 16 to 20-year-olds,” Mr Donovan said. “The Eircom brand also has inherent strengths and we are really lacking a meaningful option in terms of triple play. “So the ability to bundle Eircom mobile together with voice and DSL [broadband] makes absolute sense and enables us to appeal to a broader demographic.” Eircom had 140,000 next-generation broadband customers in June and expects this to rise to 280,000 by the end of 2010.

 

[jamesbiss]

Vimpelcom e Weather

Cmq la storia di Vimpelcom la leggerei distintamente rispetto alle vicende di Wind Hellas, nel senso che non è detto che le due vicende si incrocino, anzi, sembrerebbe di no, per il momento...

Cosa ne pensate? Si fara?
VimpelCom's Main Shareholders Back Bid for Orascom Assets, Vedomosti Says

By Anastasia Ustinova - Sep 1, 2010 7:26 AM GMT+0200
OAO VimpelCom’s main shareholders, Alfa Group’s Altimo unit and Norway’s Telenor ASA, support “in principle” the Russian cellular company’s plan to acquire assets from Egyptian billionaire Naguib Sawiris, Vedomosti said.
Board members representing Altimo and Telenor gave their tentative approval for the plan at a meeting in Amsterdam last week, the Moscow-based newspaper said today, citing two unidentified people familiar with the results of that meeting.
VimpelCom, Russia’s second-largest mobile-phone operator, is seeking to acquire all of Italy’s Wind and Egypt’s Telecomunicazioni SpA and 51 percent of Orascom Telecom Holding AE, according to Vedomosti.
To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at [email protected]

 

[qquebec]

Cosa ne pensate? Si fara?
VimpelCom's Main Shareholders Back Bid for Orascom Assets, Vedomosti Says

By Anastasia Ustinova - Sep 1, 2010 7:26 AM GMT+0200
OAO VimpelCom’s main shareholders, Alfa Group’s Altimo unit and Norway’s Telenor ASA, support “in principle” the Russian cellular company’s plan to acquire assets from Egyptian billionaire Naguib Sawiris, Vedomosti said.
Board members representing Altimo and Telenor gave their tentative approval for the plan at a meeting in Amsterdam last week, the Moscow-based newspaper said today, citing two unidentified people familiar with the results of that meeting.
VimpelCom, Russia’s second-largest mobile-phone operator, is seeking to acquire all of Italy’s Wind and Egypt’s Telecomunicazioni SpA and 51 percent of Orascom Telecom Holding AE, according to Vedomosti.
To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at [email protected]

Per me no , sono solo chiacchiere