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Gaudente
Forumer storico
un PIK TOGGLE di un emittente con rating CCC+ ???
... fai prima a buttare i soldi giu' per il cesso 
un PIK TOGGLE di un emittente con rating CCC+ ???
quoto 100%
meglio spenderseli a donne o... dipende dai gusti
nik.sala
Money Never Sleeps
takko (a parte il taglio) è interessantequoto 100%
meglio spenderseli a donne o... dipende dai gusti
Camajan
Forumer storico
la sekonda:
Tarjeta Naranja is an Argentine credit card company controlled by Banco Galicia.
Camajan
Forumer storico
takko (a parte il taglio) è interessante
sarebe un must, x me, x il nome ke ha
ma dopo SNS sono in braghe di tela
Urbi Said to Hire Rothschild to Consider Restructuring
Urbi Said to Hire Adviser Rothschild to Study Restructuring
Urbi Desarrollos Urbanos SAB (URBI*), Mexico’s third-biggest publicly traded homebuilder by sales, hired Rothschild as a financial adviser to consider a debt restructuring, a person with knowledge of the matter said.
The company’s bonds due in 2022 fell 12.37 cents to 44.31 cents on the dollar today, the lowest price on record, according to data compiled by Bloomberg. Antonio Jorge, an Urbi investor relations official, declined to comment.
Securities of Mexico’s homebuilders have plunged as President Enrique Pena Nieto shifts government housing policy to favor capital-intensive apartment construction over single- family dwellings that previously garnered subsidies. Urbi shares are down 65 percent this year on concern the Mexicali-based company may have to write down businesses and properties as cash holdings dwindle.
The hiring of Rothschild is a “bad signal,” Ray Zucaro, who helps oversee $300 million of emerging-market debt at SW Asset Management in Newport Beach, California, wrote in an e- mail. “If things were going well they would not need them.”
An official at Rothschild in Mexico City declined to comment, saying the company doesn’t talk to the press.
The company’s shares fell 4.4 percent to 2.85 pesos as of 12:23 p.m. in Mexico City. Desarrolladora Homex SAB (HOMEX*), Mexico’s largest homebuilder, fell 8.9 percent to 16.99 pesos, the biggest loser today on the country’s benchmark IPC index.
Cash Burner
While Urbi and other homebuilders have tried to shrink operations to conserve cash, “the solution remains mostly out of their control because of their significant exposure to government programs,” Morgan Stanley analyst Rafael Pinho wrote in an e-mailed report today. The firm cut its rating on Urbi’s shares to underweight from equal weight.
Concern that Urbi will become the first homebuilder in Mexico to impose losses on bondholders has grown because the company has the highest debt-to-earnings ratio in the industry. Urbi also was the biggest cash burner in 2012, with 5.4 billion pesos of negative free cash flow. Construction of apartments requires higher initial cash investments.
Moody’s Investors Service cut Urbi’s credit rating on March 20 to B2, five levels below investment grade, citing the company’s earnings and cash flow deterioration. Standard & Poor’s and Fitch Ratings rank the homebuilder three levels lower at CCC. That level means default is a “real possibility,” according to Fitch.
HSBC Holdings Plc analysts said last month that a restructuring of Urbi’s bank loans may “leave the rest of Urbi’s stakeholders deeply subordinated.”
To contact the reporters on this story: Jonathan Levin in Mexico City at [email protected]; Veronica Navarro Espinosa in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
Urbi Said to Hire Adviser Rothschild to Study Restructuring
Urbi Desarrollos Urbanos SAB (URBI*), Mexico’s third-biggest publicly traded homebuilder by sales, hired Rothschild as a financial adviser to consider a debt restructuring, a person with knowledge of the matter said.
The company’s bonds due in 2022 fell 12.37 cents to 44.31 cents on the dollar today, the lowest price on record, according to data compiled by Bloomberg. Antonio Jorge, an Urbi investor relations official, declined to comment.
Securities of Mexico’s homebuilders have plunged as President Enrique Pena Nieto shifts government housing policy to favor capital-intensive apartment construction over single- family dwellings that previously garnered subsidies. Urbi shares are down 65 percent this year on concern the Mexicali-based company may have to write down businesses and properties as cash holdings dwindle.
The hiring of Rothschild is a “bad signal,” Ray Zucaro, who helps oversee $300 million of emerging-market debt at SW Asset Management in Newport Beach, California, wrote in an e- mail. “If things were going well they would not need them.”
An official at Rothschild in Mexico City declined to comment, saying the company doesn’t talk to the press.
The company’s shares fell 4.4 percent to 2.85 pesos as of 12:23 p.m. in Mexico City. Desarrolladora Homex SAB (HOMEX*), Mexico’s largest homebuilder, fell 8.9 percent to 16.99 pesos, the biggest loser today on the country’s benchmark IPC index.
Cash Burner
While Urbi and other homebuilders have tried to shrink operations to conserve cash, “the solution remains mostly out of their control because of their significant exposure to government programs,” Morgan Stanley analyst Rafael Pinho wrote in an e-mailed report today. The firm cut its rating on Urbi’s shares to underweight from equal weight.
Concern that Urbi will become the first homebuilder in Mexico to impose losses on bondholders has grown because the company has the highest debt-to-earnings ratio in the industry. Urbi also was the biggest cash burner in 2012, with 5.4 billion pesos of negative free cash flow. Construction of apartments requires higher initial cash investments.
Moody’s Investors Service cut Urbi’s credit rating on March 20 to B2, five levels below investment grade, citing the company’s earnings and cash flow deterioration. Standard & Poor’s and Fitch Ratings rank the homebuilder three levels lower at CCC. That level means default is a “real possibility,” according to Fitch.
HSBC Holdings Plc analysts said last month that a restructuring of Urbi’s bank loans may “leave the rest of Urbi’s stakeholders deeply subordinated.”
To contact the reporters on this story: Jonathan Levin in Mexico City at [email protected]; Veronica Navarro Espinosa in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
Lupatech Plunges to Record After Missing Bond Payment: Rio Mover
Lupatech SA (LUPA3)’s stock plunged to a record low after the Brazilian oil services provider missed a $6.79 million interest payment two weeks after reporting annual losses that doubled from a year earlier.
Shares sank 7.8 percent to 1.31 reais at 11:41 a.m. in Sao Paulo after plunging as much as 11 percent. The stock is down 67 percent over the past twelve months.
The Caxias do Sul, Brazil-based company said in a regulatory filing yesterday that it couldn’t make the payment due on $275 million of perpetual bonds and it hired Bank of America Corp. as a financial adviser as it seeks to sell assets.
Lupatech said in March that its 2012 net loss surged to 574 million reais ($291 million) on lower revenue and higher costs. It made 17 acquisitions from 2007 to 2010 anticipating an increase in sales as Brazilian producers led by Petroleo Brasileiro SA (PETR4) sought to tap the largest crude discoveries in a decade. The company began selling assets in 2011 and raised cash from shareholders last year.
“Lupatech has been intensely working to balance its capital structures with its capitalization executed in 2012 in selling assets that are not considered strategic,” according to the filing from the Caxias do Sul, Brazil-based company.
Petrobras Investment
The company failed to benefit from record investments at Petrobras, as Petroleo Brasileiro is also known, because it focused operations on supplying production projects at a time the state-controlled company increased spending on exploration. Local content laws, designed to boost Brazil’s oil-service and shipping industries, oblige producers to use minimum amounts of locally manufactured products.
“The company depends too much on Petrobras,” Oswaldo Telles, an equity analyst at Banco Espirito Santo SA, said by phone from Sao Paulo. “They have not managed well the risks of having only Petrobras as a partner.”
An official at FSB Comunicacoes, an external communications company that represents Lupatech, declined to comment beyond the filing.
Lupatech’s restructuring marks at least the fourth time a Brazilian company has halted payments on dollar bonds since February 2012.
Electric utility Centrais Eletricas do Para SA, parent Rede Energia SA (REDE4) and lender Banco Cruzeiro do Sul SA defaulted on a combined $2.3 billion last year, according to data compiled by Bloomberg.
Lupatech’s $275 million of 9.875 percent perpetual bonds last traded at 51.5 cents on the dollar on April 9, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
To contact the reporters on this story: Boris Korby in New York at [email protected]; Peter Millard in Rio de Janeiro at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
Lupatech SA (LUPA3)’s stock plunged to a record low after the Brazilian oil services provider missed a $6.79 million interest payment two weeks after reporting annual losses that doubled from a year earlier.
Shares sank 7.8 percent to 1.31 reais at 11:41 a.m. in Sao Paulo after plunging as much as 11 percent. The stock is down 67 percent over the past twelve months.
The Caxias do Sul, Brazil-based company said in a regulatory filing yesterday that it couldn’t make the payment due on $275 million of perpetual bonds and it hired Bank of America Corp. as a financial adviser as it seeks to sell assets.
Lupatech said in March that its 2012 net loss surged to 574 million reais ($291 million) on lower revenue and higher costs. It made 17 acquisitions from 2007 to 2010 anticipating an increase in sales as Brazilian producers led by Petroleo Brasileiro SA (PETR4) sought to tap the largest crude discoveries in a decade. The company began selling assets in 2011 and raised cash from shareholders last year.
“Lupatech has been intensely working to balance its capital structures with its capitalization executed in 2012 in selling assets that are not considered strategic,” according to the filing from the Caxias do Sul, Brazil-based company.
Petrobras Investment
The company failed to benefit from record investments at Petrobras, as Petroleo Brasileiro is also known, because it focused operations on supplying production projects at a time the state-controlled company increased spending on exploration. Local content laws, designed to boost Brazil’s oil-service and shipping industries, oblige producers to use minimum amounts of locally manufactured products.
“The company depends too much on Petrobras,” Oswaldo Telles, an equity analyst at Banco Espirito Santo SA, said by phone from Sao Paulo. “They have not managed well the risks of having only Petrobras as a partner.”
An official at FSB Comunicacoes, an external communications company that represents Lupatech, declined to comment beyond the filing.
Lupatech’s restructuring marks at least the fourth time a Brazilian company has halted payments on dollar bonds since February 2012.
Electric utility Centrais Eletricas do Para SA, parent Rede Energia SA (REDE4) and lender Banco Cruzeiro do Sul SA defaulted on a combined $2.3 billion last year, according to data compiled by Bloomberg.
Lupatech’s $275 million of 9.875 percent perpetual bonds last traded at 51.5 cents on the dollar on April 9, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
To contact the reporters on this story: Boris Korby in New York at [email protected]; Peter Millard in Rio de Janeiro at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
porcx putxxxx si può dire?
arkymede74
Forumer storico
qualcuno degli interessati WINDREICH, ha qualche notizia fresca di stampa???
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