Obbligazioni in default Ristrutturazione SolarWorld 6,125% 2016 (XS0641270045) 6,375% 2017 (XS0478864225)

Ecco la risposta alla mia mail:

SolarWorld does not see a danger to its ability to fulfill its obligations to bondholders. We can only assume that some investors are concerned about the ongoing US litigation between our subsidiary SolarWorld Industries Sachsen GmbH and our former silicon supplier Hemlock Semiconductor Corp., in which Hemlock asserts claims of about 770 million US dollars due to the non-fulfilment of long-term supply agreements. A hearing scheduled for June 23 was cancelled, which has been interpreted negatively by the press.


SolarWorld continues to assess the probability that Hemlock will be able to actually enforce its claims against our German subsidiary as low. For further information about this risk, please refer to our Annual Group Report 2015, p. 76 (http://www.solarworld.de/fileadmin/sites/sw/ir/pdf/finanzberichte/annual_report_2015_web.pdf).


More important for bond holders, though, is that the bonds are senior to any liabilities towards suppliers and secured with all main assets of the SolarWorld group. Thus, a default affecting the bonds appears very unlikely, even in case of a finale negative ruling in all instances. Thus, it is difficult to understand the current quotation of the bonds.
 
iguanito ha scritto:
Ecco la risposta alla mia mail:

SolarWorld does not see a danger to its ability to fulfill its obligations to bondholders. We can only assume that some investors are concerned about the ongoing US litigation between our subsidiary SolarWorld Industries Sachsen GmbH and our former silicon supplier Hemlock Semiconductor Corp., in which Hemlock asserts claims of about 770 million US dollars due to the non-fulfilment of long-term supply agreements. A hearing scheduled for June 23 was cancelled, which has been interpreted negatively by the press.


SolarWorld continues to assess the probability that Hemlock will be able to actually enforce its claims against our German subsidiary as low. For further information about this risk, please refer to our Annual Group Report 2015, p. 76 (http://www.solarworld.de/fileadmin/sites/sw/ir/pdf/finanzberichte/annual_report_2015_web.pdf).


More important for bond holders, though, is that the bonds are senior to any liabilities towards suppliers and secured with all main assets of the SolarWorld group. Thus, a default affecting the bonds appears very unlikely, even in case of a finale negative ruling in all instances. Thus, it is difficult to understand the current quotation of the bonds.
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Se Hemlock vince la causa i 770 milioni solarworld come glieli dà ?Il prezzo dei bond mi pare fin troppo alto visto il concreto rischio di fallimento .Comunque io tengo i miei 15 pezzi visto che venderli è impossibile .
 
fabriziof ha scritto:
Se Hemlock vince la causa i 770 milioni solarworld come glieli dà ?Il prezzo dei bond mi pare fin troppo alto visto il concreto rischio di fallimento .Comunque io tengo i miei 15 pezzi visto che venderli è impossibile .
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Da come la dice lei (la ragazza che ha risposto) sembrerebbe che anche in caso di esito negativo gli asset del gruppo siano sufficienti a pagare i creditori. Mah.......
 
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