Secondo me fanno un discorso più in generale su un eventuale default di SPG!Seat Pagine Gialle
Lighthouse bondholders in principal agree to debt for equity swap according to Reuters
“Hold” all bonds
According to Reuters, Seat informally agreed with the subordinated Lighthouse bondholders to swap their bonds into equity. Reuters quoted a source saying there was an accord in principle with holders to swap at least part of the bonds. Furthermore, negations will now focus on the amount of bonds to be converted into shares and the swap ratio with an agreement expected in October. While Seat lately posted encouraging numbers in our view, its overall debt load is not sustainable and a debt for equity swap indeed seems like a reasonable solution. Depending on the swap ratio and the amount of debt to be transferred into equity, a potential agreement may well be favourable for senior noteholders whereas the outcome for Lighthouse bondholders depends on the terms negotiated. Given the high uncertainty involved, we keep our “Hold” recommendation and caution that negotiations may well prove difficult. Also, Italian restructuring legislation is not favourable for debt holders in general. We maintain our “Very High Risk” assessment on the LARA scale.
Che cacchio c'entra L'Italia? Il Lighthouse è una società lussemburghese
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