Un altro potenziale default...
According to report from Reuters yesterday, KKR is in talks with credit investment firm Centerbridge to restructure ATU. According to the article, Centerbridge has bought a substantial portion of ATU’s bonds and trying is to agree a plan with KKR that is likely to include swapping part of the company's debt of around €600 for equity, the people, who spoke on condition of anonymity, said on Wednesday. "After all that has happened, KKR just wants to get rid of the topic ATU," one of the people said. He added that to avoid having to inject high amounts of cash KKR is willing to surrender a large part of the equity - but not a majority stake - to creditors. According to the report, KKR and Centerbridge may opt for a plan which would see all of the FRN and some of the secured notes swapped for equity, citing a person familiar with the debt restructuring talks. Separately, the issue of a high-yield bond is seen as an option to repay some of the remaining debt as well as provide liquidity for needed investments. As we noted previously, the bond prices in the recent months suggested to us that debt for equity swap was very likely with juniors likely to be fully equitized. What is interesting, that even now, after poor performance of the company, KKR is unwilling to give up a controlling stake, we think that the main point of discussions now may be exactly how much of the company will the debt holders agree to in order to forgive their debt.