"Propone" (si fa per dire) di tirarsi fuori del tutto dalla proprietà di Wind Hellas, avendo incaricato MS di trovare un compratore mentre si procede alla ristrutturazione del debito...
Dal DJN ripreso dal WSJ online....
- JULY 1, 2010, 9:46 A.M. ET
2ND UPDATE: Wind Hellas Eyes Sale, Hires Restructuring Chief
By Ainsley Thomson Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Greek telecommunications company Wind Hellas Thursday said it has begun a strategic review, which includes the potential sale of the business and the appointment of a chief restructuring officer, as the company's performance continues to suffer in the wake of the Greek government's austerity measures.
The news comes just six months after Wind Hellas completed a debt restructuring that stripped away more than EUR1 billion of its debt.
Wind Hellas, which still has debt of about EUR1.7 billion, also Thursday said it has reached a "standstill agreement" with lenders under its revolving credit facility and hedging banks that will prevent the creditors from foreclosing and tipping the company into insolvency. The standstill agreement, which last until Nov. 5, defers a EUR17.5 million payment on the RCF, which fell due Wednesday, and a payment to the hedging bank, due on July 15.
The company said it has asked holders of its senior secured floating rate notes, maturing in 2012, to also agree to the standstill by July 20. A EUR23 million coupon payment on the notes is due on July 15. At least 75% of the noteholders must agree to the standstill, with the company saying holders representing around 48% of the notes have agreed to-date.
Mike Corner-Jones of restructuring firm Alvarez & Marsal has been appointed as chief restructuring officer.
Investment bank Morgan Stanley (MS) has begun evaluating a potential sale of Wind Hellas, or investment in the company, with preliminary expressions of interest due by July 31. The deadline for final offers is Sept. 15, with the preferred offer expected to be announced by Oct. 14. The sale process will run alongside the restructuring of Wind Hellas' capital structure.
Wind Hellas said it would also work with its creditors to assist them in forming a 'creditor-led solution' as an alternative or supplement to any offers for the company.
Alongside Morgan Stanley, law firms White & Case and Karatzas & Partners are also advising Wind Hellas. Restructuring firm Moelis and law firm Bingham McCutchen LLP are advising the noteholders committee, while law firm Allen & Overy LLP are advising the revolving credit facility lenders.
In last year's debt restructuring, Wind Hellas' parent company, Hellas II, went through the largest "prepack sale" ever conducted in the U.K. that saw it declared insolvent and placed in administration, and EUR1.17 billion of subordinated bonds wiped from its balance sheet.
Weather Investments, then bought back Hellas II minus the subordinated debt. Weather also injected EUR125 million of new equity into the company.
A prepack sale is a U.K. insolvency process where a business on the brink of insolvency is sold-on without liabilities, such as debt.
In addition to the 2012-dated floating rate notes, Wind Hellas also has an outstanding 8.5%, 2013-dated, unsecured note.
Stephan Haber, credit analyst at UniCredit, said Wind Hellas's last restructuring highlighted that the company's senior secured debt is much less affected than its unsecured and subordinated debt.
"Hence, the risk of a potential additional capital restructuring is likely to weigh significantly on the structurally subordinated senior bond 8.5% 2013 note. In addition, its senior secured 2012 floating rate note will continue to suffer from a potentially weak operating performance, but to a lesser extent than the senior unsecured bond," he said, adding that he has a "sell" recommendation on both bonds.
. Fra un paio di settimane non verranno corrisposti gli interessi sui bond iniziando così la procedura di default . Sawiris si concentrerà su Wind (Italia) e sulle altre "carrette" del mondo arabo, mentre Wind Hellas, libera da debiti, sarà oggetto di qualche avvoltoio. 
