Obbligazioni in default Obbligazioni SEAT PAGINE GIALLE 10,50% 2017

[qquebec]

Un passaggio di S&P

(...) SEAT is mostly an Italian group (90% of EBITDA is generated in Italy), with an Italian domicile and Italian management. However, the recent restructuring has been implemented under the U.K. scheme of arrangement. In our opinion, any possible second round of restructuring is likely to be implemented under similar conditions. SEAT is a sizable cross-border entity with a fairly complex capital structure as a listed entity with both senior secured bank facilities and senior secured notes. In our view, in a distressed situation, SEAT is likely to seek a consensual restructuring and benefit from using the U.K. scheme of arrangement, which allows the implementation of a financial restructuring with a lower creditor approval threshold (75%) than under the Italian framework. This could avoid a lengthy process that, given the hurdles to reach a unanimous consensus, could possibly lead to a liquidation scenario. In such scenario, which is not our base case, recovery prospects for creditors would be materially lower (...)

 

[fabriziof]

(...) SEAT is mostly an Italian group (90% of EBITDA is generated in Italy), with an Italian domicile and Italian management. However, the recent restructuring has been implemented under the U.K. scheme of arrangement. In our opinion, any possible second round of restructuring is likely to be implemented under similar conditions. SEAT is a sizable cross-border entity with a fairly complex capital structure as a listed entity with both senior secured bank facilities and senior secured notes. In our view, in a distressed situation, SEAT is likely to seek a consensual restructuring and benefit from using the U.K. scheme of arrangement, which allows the implementation of a financial restructuring with a lower creditor approval threshold (75%) than under the Italian framework. This could avoid a lengthy process that, given the hurdles to reach a unanimous consensus, could possibly lead to a liquidation scenario. In such scenario, which is not our base case, recovery prospects for creditors would be materially lower (...)

lasciamo perdere s&p e il suo improvvido upgrade

 

[ferdo]

...
lead to a liquidation scenario. In such scenario, which is not our base case, recovery prospects for creditors would be materially lower (...)

lower than ...
il comparativo presuppone un termine di paragone

 

[qquebec]

lower than ...
il comparativo presuppone un termine di paragone

Non è una pausa ad effetto, si ferma lì Allego documento integrale

 

[ferdo]

Non è una pausa ad effetto, si ferma lì Allego documento integrale

...

This is despite the fact that we assess the group's liquidity sources to
exceed uses by 1.2x or more over the next 12 months.

...
porca puz.zola non era vero​

 

[discipline]

lower than ...
il comparativo presuppone un termine di paragone

Based on limited prior-ranking liabilities and assuming that senior secured bank facilities rank pari passu with the senior secured notes, we project numerical coverage in the low end of the 70%-90% range.
...
In our view, in a distressed situation, SEAT is likely to seek a consensual restructuring and benefit from using the U.K. scheme of arrangement, which allows the implementation of a financial restructuring with a lower creditor approval threshold (75%) than under the Italian framework. This could avoid a lengthy process that, given the hurdles to reach a unanimous consensus, could possibly lead to a liquidation scenario. In such scenario, which is not our base case, recovery prospects for creditors would be materially lower.

La stima di recovery era del 70/90%, ipotizzando il ricorso alla ristrutturazione avvalendosi delle procedure UK, come già avvenuto in precedenza. Il 'lower' recovery si riferisce quindi al 'liquidation scenario' che potrebbe derivare da un più arduo percorso di ristrutturazione entro l'Italian framework. Ma temo che il prossimo report dovrà essere meno positivo, essendo il loro (ex) 'base case' già superato dai fatti, mi sa..

 

[capt.harlock]

stamattina mi hanno dato un indicativo di 27,5 bid 28,5 ask, se amorgos conferma /modifica

 

[amorgos34]

stamattina mi hanno dato un indicativo di 27,5 bid 28,5 ask, se amorgos conferma /modifica

Se dovessi vendere chiederei 28

 

[Zorba]

(...) SEAT is mostly an Italian group (90% of EBITDA is generated in Italy), with an Italian domicile and Italian management. However, the recent restructuring has been implemented under the U.K. scheme of arrangement. In our opinion, any possible second round of restructuring is likely to be implemented under similar conditions. SEAT is a sizable cross-border entity with a fairly complex capital structure as a listed entity with both senior secured bank facilities and senior secured notes. In our view, in a distressed situation, SEAT is likely to seek a consensual restructuring and benefit from using the U.K. scheme of arrangement, which allows the implementation of a financial restructuring with a lower creditor approval threshold (75%) than under the Italian framework. This could avoid a lengthy process that, given the hurdles to reach a unanimous consensus, could possibly lead to a liquidation scenario. In such scenario, which is not our base case, recovery prospects for creditors would be materially lower (...)

Scusate sono al fronte SNS, ma qui ci sarebbe da fare parecchio...

 

[reef]

Azione +100% da ieri... Peccato che non le tenute tutte