Venezuelan officials fear that a default would bring bondholder lawsuits.
|
|
It did not comment on the bondholder group's offer either.
|
|
The bondholder losses had sparked a public backlash against Renzi.
|
|
Kohlberg Kravis Roberts, the private equity giant, is a bondholder.
|
|
A spokesman for the COFINA bondholder group declined to comment.
|
|
One of the more contentious issues is that of bondholder prioritization.
|
|
But a zero-coupon bondholder would only receive the face value back.
|
|
The PREPA bondholder group declined to comment on the government's Friday statement.
|
|
Bondholder negotiations are gaining steam as Rossello's administration gets up to speed.
|
|
Moody's Investors Services notes that specific bondholder recoveries "will likely emerge after judicial proceedings or negotiations, and would be determined by economic projections and relative strengths of bondholder claims," said Ted Hampton, VP and Senior Credit Officer at Moody's.
|
|
For both lender and bondholder, the best result would be a low takeup.
|
|
The offer "appears to ignore bondholder protections provided by its constitution," he said.
|
|
The plan involves slashing bondholder debt and retiree healthcare costs while protecting pensions.
|
|
Levy returned to Platinum as co-CIO several months after the bondholder vote.
|
|
No bondholder should accept any deal not officially approved by the National Assembly.
|
|
The creation of the institutional bondholder group was reported in January by IFR.
|
|
Others suing over Libor have included so-called bondholder plaintiffs and exchange-based plaintiffs.
|
|
One bondholder who lost money in the rescue of Banca Popolare dell'Etruria committed suicide.
|
|
He said the board had taken no position on which bondholder group was right.
|
|
Morningstar analysts said in a Monday note they doubted the bondholder plan would prevail.
|
|
If the bondholder would rather get paid next month, he will refuse the offer.
|
|
SAO PAULO (Reuters) - The two biggest bondholder groups in Brazilian telephone operator Oi SA (OIBR53.
|
|
Trilogy is one of several bondholder groups that accuse Caesars of scrapping CEOC's bond guarantees.
|
|
The fiscal plan will serve as the baseline for restructuring talks with wide-ranging bondholder groups.
|
|
CHICAGO (Reuters) - Hedge fund Trilogy Capital Management, the last holdout bondholder of Caesars Entertainment Corp's (CZR.
|
|
Participants will also discuss whether to create an informal, ad hoc bondholder committee, the invitation said.
|
|
Based on Fitch's interpretation of Liberty's indentures, Liberty could not spin out QVC without bondholder consent.
|
|
However, the investor group, which calls itself the MexCAT Ad Hoc Bondholder Group, rejected the offer.
|
|
Similarly, a bondholder about to retire may need the steady stream of coupon payments the bond provides.
|
|
Critics on Wednesday called the board's targeting of bondholder payments another attempt to pressure creditors to settle.
|
|
If a disaster does not occur, the original investment plus a premium is returned to the bondholder.
|
|
On Tuesday, as soon as the stay expired, bondholder groups and at least one bond insurer sued.
|
|
Earlier on Friday, several Oi bondholder groups said they had asked to delay the meeting of creditors.
|
|
"The bondholder group recognizes that PREPA is likely to file for Title III," it said in a statement.
|
|
Schroeder said Orascom's plan would be hard to implement as it offers unequal treatment to distinct bondholder groups.
|
|
The Orascom-bondholder group has committed to underwriting the entire capital injection if no other investors step forward.
|
|
"Nevertheless, we expect PDVSA to ultimately adjust the exchange ratio upwards to ensure adequate bondholder participation," he added.
|
|
The modified proposal was also rejected by the investor coalition, known as the MexCAT Ad Hoc Bondholder Group.
|
|
"As a bondholder, part of the concern is that a new sponsor leverages it back up," said Battilega.
|
|
The meetings came shortly after the shipbuilder won the approval of its biggest bondholder, the National Pension Service.
|
|
Caesars is facing $7.7 billion in claims in New York and $3.7 billion in Delaware from bondholder lawsuits.
|
|
This means that majority bondholder approval is needed for a restructuring, including a change in the currency of payment.
|
|
Oi's two biggest bondholder groups, which include distressed debt titans Aurelius and Goldentree, have publicly opposed the board's plan.
|
|
When a few small banks were patched up under the new rules in November, one retail bondholder committed suicide.
|
|
The bondholder group said in a statement that "to date" they had been "strongly supportive of the privatisation process".
|
|
The biggest bondholder was Oaktree Capital Management, an investment manager that specializes in distressed bonds and private equity deals.
|
|
Failure to do so could subject BMPS to the Bank Recovery and Resolution Directive and therefore potential bondholder haircuts.
|
|
ARGENTINA BONDHOLDER GROUP SAYS PLANS TO CONDUCT ANY INTERACTIONS WITH ARGENTINA REPUBLIC UNDER G20 ENDORSED FAIR DEBT RESTRUCTURING PRINCIPLES
|
|
On the eve of the interest payment, no offer had materialized, according to one Samarco bondholder who asked for anonymity.
|
|
"We are hopeful that once completed the PREPA deal will help the commonwealth in its recovery," the bondholder group said.
|
|
"No bondholder in their right mind would ever vote to have their covenants stripped like that," said one note owner.
|
|
She said the court should allow wildfire victims to choose between the PG&E plan and an alternative bondholder proposal.
|
|
A bondholder close to the situation said the plan would provide Mozambique with cash flow relief of around 85 percent.
|
|
The second Deloitte report concluded that shareholder and bondholder losses would have been much greater under a normal insolvency process.
|
|
PG&E BONDHOLDER COMMITTEE SEEKS COURT PERMISSION TO FILE COMPETING BANKRUPTCY REORGANIZATION PLAN, SAYS COMPANY HAS BEEN TOO SLOW -- COURT FILING
|
|
Getting every bondholder or individual who has entered into a syndicated loan agreement to switch to new benchmarks could be difficult.
|
|
" Stephen Spencer, a financial adviser for the bondholder group, in a separate statement said the agreement "puts everyone back on track.
|
|
On Friday, the steering committees of the bondholder groups and the so-called ECAs rejected Oi's recovery plan presented on Wednesday.
|
|
The votes were held hours after Daewoo's biggest bondholder, the National Pension Service (NPS), said it had agreed to the proposal.
|
|
"In the judicial debt restructuring process, a weaker economic outlook could support arguments in favor of lower bondholder recoveries," Moody's said.
|
|
"We do not hold big hopes on Monday's bondholder meeting," New York-based financial services company Stifel said in a report.
|
|
This makes them an appealing investment for some because the bondholder knows exactly how much the bond is worth at maturity.
|
|
In a filing earlier on Wednesday, CEC said it had reached a deal to settle one of the four bondholder lawsuits.
|
|
Such a solution would stand in contrast to a bondholder "bail-in," as Italian households are heavily exposure to the asset class.
|
|
But if you're not a stockholder, and not a bondholder, maybe don't worry so much about headlines screaming about Tesla's financial unviability.
|
|
Bondholders and analysts said Monday's decision could trigger a fresh round of bondholder talks, as uncertainty mounts about when operations will resume.
|
|
The bondholder group says it does not support the LME as it currently stands and has enough bonds to block the proposal.
|
|
PREPA's largest bondholder group offered an extension, which PREPA at first rejected over terms of a $115 million loan from the bondholders.
|
|
However, a change in the company's posture regarding adequate bondholder protection over the near and long term could negatively affect the rating.
|
|
All sovereign euro zone debt issued after 23 requires majority bondholder approval if the issuer wants to change the currency of payments.
|
|
The creditors include two bondholder groups that are currently battling in court over who has the first right to Puerto Rico's revenue.
|
|
"We are currently discussing potential terms of an agreement with bondholders and may launch an official bondholder voting process shortly," the spokesman said.
|
|
"If they're going to continue paying, I don't have anything to say to them," said one bondholder who asked not to be identified.
|
|
"Should not the issuer have convened a bondholder meeting before taking initiatives to make such a big change?" asked another onshore bond trader.
|
|
The financial strain resulting from the storm is expected to weigh on bondholder and bond insurer recovery in the absence of financial support.
|
|
The recoveries in the Detroit case for the bondholder classes and the pensioner classes were all the outcome of months-long mediated negotiations.
|
|
The bondholder group said on Thursday it offered PREPA a $170 million loan to keep talks alive, but sides could not agree on terms.
|
|
Mexico launched a buyback offer for the $1.8 billion of debt issued to fund the airport earlier this month, which the bondholder group rejected.
|
|
NEW YORK, Jan 22 (Reuters) - A bondholder group invested in Puerto Rico's troubled utility PREPA has offered to extend a restructuring agreement until Feb.
|
|
In a statement, the steering committees of Oi's two biggest bondholder groups and the so-called ECAs rejected Oi's recovery plan presented on Wednesday.
|
|
"(Underwriters) can take advantage of the vague rules and regulations, and choose to interpret to their advantage and skirt responsibilities," says an Evergreen bondholder.
|
|
The International Bondholder Committee holds more than $2 billion of bonds issued by the two Dutch companies and other members of the Oi group.
|
|
A U.S. Appeals Court has thrown out a legal challenge to the nation's debt limit, after a bondholder argued the borrowing cap is unconstitutional.
|
|
The price on a Pemex bond maturing in 2024 also dropped, with its yield up 32 basis points, reflecting bondholder skepticism of the plan.
|
|
Consequently, this path results in a cut to bondholder payments totaling almost 80 percent of the expected payments for the next 10 fiscal years.
|
|
Most important, the act prevents changing the core terms of a bond — principal, interest rate and maturity date — without the consent of each bondholder.
|
|
Everyone watching TRACE knows what a buyer has paid, leading to a ripple effect in pricing - often to the detriment of the new bondholder.
|
|
But a bond restructuring, which Guardian has said the city will likely pursue, would be considered a default if it includes bondholder impairment, Moody's said.
|
|
Adam Cohen, founder of Covenant Review, said he started his company after seeing an opportunity for an independent voice that would fight for bondholder interests.
|
|
On the other hand, the current draft imposes a stay on bondholder litigation against Puerto Rico for many months before the oversight board is empowered.
|
|
A pivotal decision last December allowed most of the debt to be converted into equity, marking a rare bondholder win in Brazil's slow-moving bankruptcy courts.
|
|
Such a solution would stand in contrast to a bondholder "bail-in," but would perhaps protect Italian households which are heavily exposed to the asset class.
|
|
Meanwhile, the price on a Pemex bond maturing in 2024 71654QBH4= also dropped, with its yield up 32 basis points, reflecting bondholder skepticism of the plan.
|
|
The bondholder group holds more than €700m (in principal value) of Tier 1 instruments and is being advised by PJT Partners and law firm Shearman & Sterling.
|
|
The bondholder group said the FRESH bonds, issued through a third party and convertible into the bank's shares, had been cancelled as part of that rescue.
|
|
NEW YORK (IFR) - Investors pushed back on new bond deals Wednesday, forcing three companies to restructure trades by removing language they said significantly erodes bondholder protections.
|
|
The bondholder group, however, say this discriminates against their mutual fund clients, many of whom were retail investors or pension plans, whose ultimate beneficiaries are individuals.
|
|
"If we get lower oil prices, higher construction costs or long delays, there is a risk of significantly lower recovery than $500 million," the bondholder said.
|
|
The bondholder group, represented by restructuring specialists PJT Partners, says it does not support the LME and in any case has enough bonds to block the proposals.
|
|
Speaking to Reuters, bondholder sources said some of the bondholders had formed an informal group to consider a suit against the Mozambique government and the two banks.
|
|
Hector Negroni, a major bondholder at the investment fund Fundamental Credit Opportunities, said he had just landed on the island for scheduled debt negotiations when he heard.
|
|
In an emailed statement, the International Bondholder Committee group said it "remains committed to finding a consensual solution" to restructure the debt of the two Oi subsidiaries.
|
|
The ad hoc bondholder group held nearly 30 percent of the company's unsecured bonds in October, according to a filing with the U.S. Bankruptcy Court in Houston.
|
|
The legislation is expected to carry more bondholder protections than the Recovery Act, requiring an attempt at consensual restructuring talks as a condition for any debt cuts.
|
|
German shipping group Rickmers said it would file for insolvency after bondholder HSH Nordbank rejected its restructuring plan a day ahead of a last-ditch bondholders' meeting.
|
|
Chief Executive Officer Marco Schroeder told Oi's two bondholder groups this week that shareholders now seem less reluctant to accept a debt-for-equity swap, the people said.
|
|
If the Greek banks find themselves in need of another recapitalization, this time it will be done with bondholder and depositor money, just like in Cyprus in 2013.
|
|
Schroeder has called in recent months for both shareholders and creditors to make concessions, while the board has stuck to a restructuring proposal rejected by major bondholder groups.
|
|
CHICAGO (Reuters) - A U.S. bankruptcy judge said on Wednesday he must look deeper into whether he has the authority to halt bondholder lawsuits against Caesars Entertainment Corp (CZR.
|
|
The idea behind tax-free interest from the bondholder comes from the fact that many schools and roads are usually funded by a large portion of taxpayer dollars.
|
|
For it to then hire the department's former staffers, whose eschew-reforms-and-screw-the-bondholder approach is antithetical to the perspective of the Republican Congress, beggars disbelief.
|
|
The International Bondholder Committee, which holds more than $2 billion of bonds issued by the two Dutch companies and other Oi units, declined to comment on Wednesday's ruling.
|
|
A bondholder can't just go into court and sue to collect his or her money, leaving the holder stuck unless the country decided at some later date to repay.
|
|
But negotiations need to take place without the threat of judgments on bondholder litigation currently pending in New York and Delaware against the non-bankrupt Caesars parent, Hayes said.
|
|
That is in part because belief in the safety of the GO pledge has waned since special revenue pledges led to better bondholder recoveries in some Chapter 9 bankruptcies.
|
|
The bondholder group, which says it represents more than half the $6 billion principal amount issue, also said it still wants to discuss its concerns with the airport trust.
|
|
The bondholder committee had asked for the stake in petrochemical producer Braskem SA as collateral in the restructuring, but the stake is already pledged as collateral to local banks.
|
|
Debtwire reported last month that Cerberus had bought up some of the third-lien notes, but a source close to Cerberus insists the firm is not a current bondholder.
|
|
Because a 2 percent wealth tax captures 67 percent of the interest income of the bondholder makes each year, it is essentially identical to a 67 percent income tax.
|
|
The Commission's president is also president of the local Service Employees International Union (SEIU) that has a direct interest in putting its member's pension debt ahead of bondholder debt.
|
|
"The havoc wrought by Hurricane Maria...could have a profound impact on the Commonwealth's economic recovery and bondholder prospects," Howard Sitzer, an analyst at CreditSights, wrote in a note Wednesday.
|
|
"The financial strain resulting from the storm is expected to weigh on bondholder and bond insurer recovery, absent the receipt of extraordinary financial support," the ratings agency Fitch said Wednesday.
|
|
They can also be pricey to trade because the short seller must pay interest to the securities' lender and pay any scheduled interest and principal payments owed to the bondholder.
|
|
Until now, Caesars' operating unit was able to use a bankruptcy court shield to protect its parent from some $11 billion in bondholder lawsuits filed in New York and Delaware.
|
|
"Japanese companies are often too cautious to take decisive action, but Mr. Son is different," said one retail bondholder, a 72-year-old pensioner who declined to give her name.
|
|
The board, meanwhile, has allied with a small group of private creditors known as the G6, who have a fraction of the debt held by the main private bondholder groups.
|
|
Last week, a bankruptcy judge stayed the bondholder lawsuit until May while an examiner prepares a report about deals that bondholders say stripped the operating company of its best assets.
|
|
However, the board of the company - over which Tanure holds sway - has held firm against bondholder proposals, and has promoted a plan that would be more favorable to equity holders.
|
|
LONDON/BENGALURU (Reuters) - Activist investor Custos Group is considering its next steps after discovering a clause in a bondholder deal that hindered its attempt to oust Johnston Press top management.
|
|
Issuers of such bonds should make timely, complete and accurate disclosure on the securities, while the bonds' underwriters should hold bondholder meetings in a timely manner, and meet other obligations.
|
|
One U.S. bondholder told Reuters it would be impossible for Maduro to negotiate given the U.S. sanctions, its inability to issue new debt, and the Guaido team's advances with creditors.
|
|
The latest, which would cut bondholder repayments by 15 percent in exchange for new bonds backed by a charge on customer bills, was vetoed by Puerto Rico's oversight board on Tuesday.
|
|
Shares of Caesars Entertainment briefly dropped more than 20 percent in Monday morning trade after a U.S. Bankruptcy Court ruling late Friday said the firm cannot protect itself from bondholder lawsuits.
|
|
The statement, the first joint communication since the two bondholder groups split over the fate of the company in November, indicates that Oi's creditors and controlling shareholders are far from consensus.
|
|
The group rejected three scenarios for restructuring roughly $2 billion of debt that the finance ministry unveiled in London, and which one bondholder said were a likely prelude to long negotiations.
|
|
High-yield bonds typically have embedded call options after a set number of years, protecting bondholder investments initially before allowing companies to redeem the debt ahead of maturity at a premium.
|
|
Several bondholder groups, including the three that sent letters to the Justice Department this week, appealed Judge Griesa's order to the 2nd Circuit, asking for the injunctions to remain in place.
|
|
The second bondholder group said last week that investors representing $1.5 billion of the face amount of Oi bonds want "to construct a viable operational and reorganization plan" for Oi. Most investment firms in this group own bonds issued by Oi's two Netherlands-based finance subsidiaries, Portugal Telecom International Finance BV and Oi Brasil Holdings Cooperatif UA. Aurelius, Houlihan Lokey and law firm Dechert LLP, legal advisers to the new bondholder group, did not respond to requests for comment.
|
|
Convertible bonds are a cheaper funding avenue due to their lower coupons in exchange for giving the bondholder the option of converting the debt into shares at a set price in future.
|
|
Ezra Holdings, Rickmers Maritime, Otto Marine and Marco Polo Marine are just some of the companies that sought bondholder consent this year to loosen the conditions, or covenants, attached to their loans.
|
|
In recent months Schroeder, replaced by legal officer Eurico Teles Neto, had urged shareholders and creditors to make concessions, while the board stuck to a restructuring proposal rejected by major bondholder groups.
|
|
At a convention in Las Vegas two months before the deal with Basell, Mr. Smith said, "If you're a bondholder, I am not sure you get enriched" in a buyout of Lyondell.
|
|
NEW YORK (IFR) - A new bond offering from insurance broker AssuredPartners became the second junk-rated deal in two days to come under fire for provisions that critics say undermine bondholder protections.
|
|
NEW YORK, Jan 10 (IFR) - The trustee of Belize's so-called superbond has officially recognized a bondholder committee to hold talks with the government on the country's third restructuring in a decade.
|
|
"It is trading more like a low BB or high B sovereign," Pemex bondholder Tim Jagger, head of emerging market debt at asset manager Columbia Threadneedle, said in reference to the ratings scale.
|
|
Convertible bonds are a cheaper funding avenue due to their lower coupons in exchange for giving the bondholder the option of converting the debt into company shares at a set price in future.
|
|
When Puerto Rico's lawmakers failed to meet that deadline, PREPA's largest bondholder group offered an extension, but PREPA rejected it, casting doubt on an agreement that had been 18 months in the making.
|
|
"There was no offer, no terms, no strategy, nothing," said one bondholder, leaving the meeting that lasted a little over half an hour at the 'White Palace', opposite Maduro's office in downtown Caracas.
|
|
The proxy inserted into Johnston Press's bondholder agreements when it refinanced its 220 million pound ($13 million) debt pile three years ago means that only the existing board can approve a new director.
|
|
Puerto Rico's Fiscal Agency and Financial Advisory Authority said in a statement that the bondholder group's offer was an effort to improve the value of the debt rather than help with rebuilding efforts.
|
|
"We would expect at least half the coupon being used as a way to compensate the bondholder for being called," said Stephen Chang, Hong Kong-based executive vice president and portfolio manager at Pimco.
|
|
Commentary by Stephen Spencer, financial advisor to major creditors in the Puerto Rico restructuring, including the PREPA Bondholder Group, the only group to date that has reached a consensual restructuring deal with Puerto Rico.
|
|
Ahead of that call, however, the bondholder group rejected the plan, arguing in the email they see "the proposal as wholly inadequate and uncommercial", adding "a significantly higher recovery with cash is still achievable".
|
|
The "single most intense demand" Singer made, Pollack said, was a request for most-favored-nation status, which would have required Argentina to promise that no other bondholder would ever get a higher payout.
|
|
LONDON (Reuters) - Agitating bondholders have written to Argentina's government, accusing it of not doing enough to allow the country's crucial debt restructuring negotiations to make progress, according to bondholder sources involved in the process.
|
|
" In a statement released Thursday, Stephen Spencer of Houlihan Lokey, the PREPA bondholder group's financial advisor, said the group was disappointed by Puerto Rico's rejection of the offer "without any discussion or counter-proposal.
|
|
The state's power supply is not likely to be at risk, but PG&E could face bankruptcy if it cannot cover the liabilities it faces, wiping out shareholders' equity and eating into bondholder investments.
|
|
"Reaching a resolution with the bondholder group is a positive development to move forward with our plan of reorganization," said Bill Johnson, president and chief executive of the utility's parent company, PG&E Corporation.
|
|
They claim that Argentina's moderate talk masks the same "arrogance, obstinacy and delay" (to quote a bondholder brief by Duane Morris and Weil Gotshal & Manges) that the country has shown throughout the bond litigation.
|
|
Lawyers for PG&E have argued in court filings that the bondholder plan is an effort by hedge funds and victims' lawyers "to do a deal to overpay each other" with the utility's assets.
|
|
HAMBURG, June 1 (Reuters) - German shipping group Rickmers said it had filed for insolvency on Thursday, a day after it announced that its restructuring plan had failed to win approval of bondholder HSH Nordbank.
|
|
If ordered by Swain to produce bondholder information, the banks said the court should address matters such as a longer deadline, their indemnification from claims and liability arising from compliance, and reimbursement for their costs.
|
|
Copies of the Consent Solicitation Statement and the Letter of Consent may be obtained by holders of the Notes from the Tabulation Agent for the Consent Solicitation, Global Bondholder Services Corporation, at (866) 3553-2200.
|
|
The short-seller borrows the securities from a bondholder and then sells them, hoping they can be bought back later at a lower price and returned to the original owner, pocketing the difference as profit.
|
|
The first organized bondholder group to attempt to negotiate collectively with the carrier is being advised by New York-based Moelis & Co., which is working with Egyptian billionaire Naguib Sawiris to present an alternative reorganization.
|
|
CHICAGO (Reuters) - Hedge fund Trilogy Capital Management, the last holdout bondholder of Caesars Entertainment Corp's bankrupt operating unit, has agreed to support the casino group's restructuring and halt litigation, a court filing showed on Tuesday.
|
|
NEW YORK (Reuters) - Aurelius Capital Management, a major Puerto Rico bondholder, asked a federal judge on Wednesday to throw out the U.S. territory's historic bankruptcy, challenging the constitutionality of the board overseeing the island's finances.
|
|
"We don't want an adversarial process but didn't receive any response - good faith negotiations require an exchange of economic and financial information and also depend on feasible economic policies," one of the bondholder sources said.
|
|
The judge ordered the banks and the board to submit a proposed confidentiality agreement by April 23 and set rolling deadlines of April 25, April 30 and May 8 for the banks to submit bondholder information.
|
|
European regulators have been grappling with ways to make AT1 debt more investor-friendly for most of 2016, to assuage bondholder fears over potential skipped coupons after a sell-off savaged the asset class in February.
|
|
Attempts by general obligation holders "to challenge the Puerto Rico statutes that created liens for COFINA bondholders are self-serving and built on deceptive half-truths," COFINA's senior bondholder group said in a statement on Tuesday.
|
|
Mendonça also will participate in an afternoon meeting with Nelson Tanure, an influential shareholder in Oi, who is pushing for a plan that would imply a 73 percent haircut on bondholder debt, newspaper Valor Economico reported.
|
|
Jim Millstein, a financial adviser to the bankrupt operating unit, testified that the parent company might have to file for bankruptcy protection if it was hit with billions of dollars in damages from the bondholder cases.
|
|
Major bondholder groups represented by restructuring firms G5 Evercore and Moelis & Co, which hold about $13 billion reais in Oi's debt, have put forth a counter-offer which would give them 88 percent of Oi's equity.
|
|
A number of firms have also sought bondholder consent to relax covenants such as those relating to waivers for potential non-compliance, banking sources said, adding that investors have had a hard time reducing their exposure.
|
|
Hospital officials did not respond to Reuters' queries, but bondholder reports show it aims to cut research and clinical costs "in the face of the expected loss of most royalty revenue," according to a Moody's note.
|
|
The Moelis plan underscores efforts by certain Oi creditors to double bondholder recoveries to about 40-45 cents on the U.S. dollar from some 18-20 cents under Oi's original reorganization plan, presented on Sept 5.
|
|
"The (government's) timetable was never realistic to begin with and the fallout from the virus is slowing it down even more," said a U.S.-based bondholder involved in one of the creditor committees for Argentine debt.
|
|
Foreign currency bonds regularly lead to debt crises all over the world, not just in Argentina, thus triggering international bondholder bailouts by the IMF and other organizations that then try to impose "austerity" on the country.
|
|
The exchange between the government and the PREPA bondholder group began on Wednesday when the creditors offered the utility a new $1 billion loan and a discount on a portion of existing debt to help recovery efforts.
|
|
Claiming the proposed terms "were not previously negotiated with either of the Oi bondholder groups," the creditors said in a joint statement that Oi has "failed to engage" with them, nine months after filing for bankruptcy protection.
|
|
Bondholder Asia Pacific Investments DAC, connected with U.S. fund Davidson Kempner Capital Management, triggered a put option last Friday requiring Quintis to buy 400 hectares (988 acres) of plantations for about A$37 million by Feb. 2.
|
|
A bondholder, whose identity is not detailed in stock exchange filings, has separately filed a petition with Hong Kong's High Court for the company to be wound up, which is due to be heard on March 23.
|
|
"The borrower will always give preference to the bondholder who buys to hold to maturity and who will pay the tightest spread, and the ECB will win on both of these points," said a second syndicate banker.
|
|
Ginger Anders, the Justice Department official to whom the bondholder groups addressed their letters, declined to comment, but on Wednesday afternoon, the Justice Department filed a notice of appearance as an amicus on the 2nd Circuit's docket.
|
|
Puerto Rico's supporters in the White House, in Congress, and the Treasury Department have been trying to create a bankruptcy process for Puerto Rico, but bondholder organizations have characterized this as a "bailout" and blocked action in Congress.
|
|
CHICAGO (Reuters) - A U.S. bankruptcy judge said on Wednesday he must look deeper into whether he has the authority to halt bondholder lawsuits against Caesars Entertainment Corp in New York and Delaware given that proceedings have already begun.
|
|
"There was no offer, no terms, no strategy, nothing," said one bondholder, leaving the meeting that lasted a little over half an hour at the 'White Palace', departing with a colorful gift-bag containing Venezuelan chocolates and coffee.
|
|
Unlike UBS's transaction, the BNP Paribas trade does not include a dividend stopper - a bondholder-friendly provision that prevents a bank from paying a dividend on its common shares if it does not pay coupons on the bonds.
|
|
PNC Capital Markets found 79 percent of mostly buy-side analysts in a recent survey have a "lower" or "much lower" level of trust toward states' and cities' willingness to honor bondholder obligations now versus five years ago.
|
|
A taxpayer and bondholder complaint against Illinois' governor, comptroller and treasurer was filed in Sangamon County District Court seeking to stop $20 billion of future state payments, including interest, on $14.5 billion of the debt that remains outstanding.
|
|
LONDON (Reuters) - Sports Direct, the group run by Mike Ashley that is seeking control of Debenhams, said on Friday it was considering its options after the ailing department store group secured bondholder support for an alternative refinancing plan.
|
|
"I would assume the final solution should also address the pensions because if you are bondholder why would you take a haircut knowing the pension liability question could just send you back to square one again," he said.
|
|
"The offer on the Tier 1 is very good," said a hedge fund investor that is part of a bondholder group holding some of the bank Tier 230, so-called FRESH and some of the Tier 240 debt.
|
|
In court papers, bondholder Douglas May objected to Breitburn's reorganization plan, saying the process had been tainted by a "misbehaving fiduciary" and called on the court to determine the company's fiduciary status before confirming its Chapter 11 reorganization.
|
|
Valeant Pharmaceuticals — The drug maker repeated that it was on track to file its annual report by April 29, after major bondholder Centerbridge Partners called a default because of the drug maker's failure to file by the original deadline.
|
|
The steering committees of Oi's two largest bondholder groups and the credit agencies in August put together an alternative proposal to exchange up to 26.1 billion reais of their debt into common shares, representing 88 percent of Oi's capital.
|
|
Recent proposals exchanged between COFINA creditors include subordinate bondholder recovery rates that are at least 20 percent higher than the average rate of $0.37 for junior secured creditors, a figure published in a 85033 study from the Federal Reserve.
|
|
On Sunday, so-called COFINA bondholders, whose debt is backed by sales tax revenue, asked a federal judge in San Juan to deny the GO bondholder group's effort to stop the island's government from making payments on COFINA debt.
|
|
The Puerto Rico Electric Power Authority's bondholder group on Wednesday offered the utility a new $1 billion loan and a discount on a portion of existing debt to help recovery efforts after Hurricane Maria devastated the island last week.
|
|
"This capital commitment will provide bridge financing and matching funds as required by FEMA legislation," said Stephen Spencer, a managing director at the investment bank Houlihan Lokey who is the bondholder group's financial adviser in Puerto Rico's bankruptcy case.
|
|
U.S. Magistrate Judge Judith Gail Dein's order said "good cause exists" to grant the board's motion, which seeks to compel banks to submit bondholder names and addresses along with Puerto Rico debt payments the bondholders received between 20193 and 2017.
|
|
The board on Monday asked the U.S. District Court judge hearing the island's bankruptcy cases to compel the banks to submit bondholder names and addresses along with related payments the bondholders received between 2013 and 2017 by an April 19 deadline.
|
|
The bondholder plan would treat existing shareholders much more harshly, dilute the stock more, put more money toward debt, create a bigger fund to pay for fire claims, and leave bondholders and fire victims with the largest stake in the company.
|
|
Custos, run by fund manager Christen Ager-Hanssen, had lined up four directors to be nominated to the Johnston Press board in October before discovering a clause in a bondholder deal that hindered its attempt to oust Johnston Press' top management.
|
|
Reports at the weekend had hinted that the Italian prime minister is hoping to bail out the banking sector, despite contravening EU rules, as opposed to a bondholder "bail-in", as Italian households have a heavy exposure to the asset class.
|
|
The downgrades by S&P Global Ratings and Moody's Investors Service put Hartford almost at the bottom of the credit scale and mean that the agencies view the city as essentially in default with little prospect for a full bondholder recovery.
|
|
Oi's in-court reorganization, which begun in June 2016, has been marked by disputes between shareholders led by Pharol SGPS SA and Societé Mondiale FIA and bondholders represented by the Ad Hoc Group of Bondholders and the International Bondholder Committee.
|
|
The purpose of the Sawiris-bondholder plan is to wrest control from Oi's current shareholders, including Portugal's Pharol SGPS SA and investment firm FIA Société Mondiale, and prepare a potential sale of the company within three years, said one source.
|
|
"It's not that every agency we talked to is following a common script, but certainly they have a clear idea of what's good for Oi, the industry and the government," according to a person familiar with the bondholder group's strategy.
|
|
" However, the bondholder group believes Zamot does not have the proper qualifications for the role due to him having "no electric utility experience, which must be a key prerequisite for anyone overseeing the operations of the nation's largest publicly-owned utility.
|
|
Mark Taber, a campaigner for retail bondholders who helped coordinate the bondholder group, said Lloyds had not sufficiently disclosed risks in the ECN prospectus and the narrow court decision reflected badly on how the Prudential Regulation Authority policed rules around prospectuses.
|
|
The ten-year is influenced by the longer-term outlook for inflation's effect on bondholder returns Third, perhaps the squeezed yield curve is also about the economic cycle simply pushing into a later phase, but not yet nearing its end.
|
|
The reorganization began a year and a half ago and has been marked by disputes between shareholders led by Pharol SGPS SA and Societé Mondiale FIA, and bondholders represented by the Ad Hoc Group of Bondholders and the International Bondholder Committee.
|
|
The changes proposed by Consob would avoid that a bondholder who bought a Monte dei Paschi junior bond on the secondary market below par could net a profit by exchanging it for shares at 100 percent of its nominal value.
|
|
In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would agree to swap 26.1 billion reais ($8.3 billion) worth of their Oi bond holdings into the equivalent of 88 percent of the company's equity.
|
|
To avoid the politically unpalatable option of imposing losses on the 2bn euros of retail bondholders in Monte dei Paschi, a plan is being drawn up to guarantee full repayment of the first 100,000 euros to every junior bondholder, according to senior bankers.
|
|
PROMESA is designed to help create a path for the commonwealth and its creditors to achieve an orderly restructuring of the island's massive $8.463 billion debt burden—the bill also creates an immediate stay on litigation, providing the government protection from bondholder lawsuits.
|
|
In addition to wooing public institutions, Itaú and some opposing bondholders, the board sees it as important to win the support of relatively small suppliers unaffiliated with any major bondholder group that hold about 2 billion reais in debt, the sources added.
|
|
"If you were a bondholder wouldn't you want to know the debt profile of the issuer?" said MSRB Executive Director Lynnette Kelly, adding that private transactions could contain priority of payment and other provisions that trump those of an issuer's public debt.
|
|
U.S. Bankruptcy Judge Benjamin Goldgar in Chicago gave Davis a wide-ranging role to probe bondholder allegations that Caesars stripped its casino operating unit, CEOC, of its best assets, leaving it with faded regional casinos and a crushing $18 billion of debt.
|
|
The law firm representing PG&E Corp in its multi-billion dollar bankruptcy has disclosed it has hired an associate from a firm where she worked for a bondholder that has with other bondholders sought to take control of the power provider.
|
|
Investors such as Aurelius Capital Management LP, Attestor Capital LLC, Citadel LLP and York Capital Management formed the so-called International Bondholder Committee to press their case in the Netherlands while a group advised by Moelis & Co focused exclusively on the Brazilian case.
|
|
For example, a bondholder who held out in an exchange offer funded with senior debt might worry that the company would be no more able to pay that senior debt than it was able to pay the old bonds according to their terms.
|
|
"There are a bunch of guys who prefer to be behind the scenes, but there are people who believe that we should start to have a dialogue with the Venezuelans," said one bondholder who was at the meeting and spoke on condition of anonymity.
|
|
NEW YORK (Reuters) - Puerto Rico's government presented a debt restructuring offer late on Friday that could repay as much as 4503 percent of general obligation (GO) bonds and 58 percent of tax-backed bonds, but both bondholder groups quickly rejected it early on Saturday.
|
|
ROME, Feb 4 (Reuters) - Arbitration at the World Bank between Argentina and Italian creditors will be put on hold for four months to give the Argentine parliament time to ratify a deal on defaulted debt, the head of a bondholder association said on Friday.
|
|
Indeed, without the enactment of some form of debt restructuring, a taxpayer bailout will become a necessity, as social services on the island shut down, the stream of immigration to the U.S. becomes a torrent and bondholder groups insist that Congress intervene to rescue them.
|
|
The bondholder group - appointed by a majority of holders of the 2038 notes and recognized by the trustee, Bank of New York Mellon - said in a statement on Tuesday that the changes would reduce the net present value of the bond by over 40%.
|
|
That was prompted by a ruling late on Monday at an emergency hearing with a federal judge in Chicago, who issued a two-week stay of litigation against Caesars to give time to appeal the ruling that had opened the door to the bondholder lawsuits.
|
|
A bondholder group that includes hedge funds Brigade, Claren Road and Fir Tree updated an existing lawsuit against the bank and Governor Alejandro Garcia Padilla late Friday, saying new amendments to a fiscal emergency law passed in April would protect local creditors over non-resident bondholders.
|
|
"The bondholder steering committee formed by a group of large international investment firms who are holders of the existing bonds, as well as other PBA bonds, together with certain additional significant holders have decided to participate in the Amended Consent Solicitation," the group said in a statement.
|
|
In addition to their base bonds, they would get a second type, called "capital appreciation bonds," which would not offer any cash payments until after the base bonds had been fully repaid and it was clear how much of a loss each type of bondholder had suffered.
|
|
In a statement, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders, along with a group of export credit agencies (ECAs), said their plan would have the company invest 6.5 billion reais (1.55 billion pounds) per year, a 30 percent increase from current levels.
|
|
The meeting, organized by UK-based hedge fund MacroSynergy Partners, aimed to discuss a likely path forward on debt issued by the government and state-owned oil company PDVSA, as well as whether to form an informal, ad-hoc bondholder committee, according to an invitation seen by Reuters.
|
|
SAO PAULO, May 2 (Reuters) - Brazilian phone company Oi SA said on Tuesday that Orascom TMT Holdings SAE, controlled by Egyptian billionaire Naguib Sawiris, and a group of bondholder have given the carrier until June 1 to put together a restructuring plan to help it exit bankruptcy protection.
|
|
The two have agreed to set up a trust that would take in Puerto Rico's 5.5 percent sales and use tax for 193 years and then pay out to the separate bondholder groups, Mark Palmer, a BTIG analyst who covers bond insurers, wrote in a note on Monday.
|
|
SAO PAULO, Aug 24 (Reuters) - Samarco Mineração SA, the Brazilian iron ore joint venture that stopped operations after a dam burst last year, plans to seek bondholder consent to change terms on $2.2 billion of securities or pursue an exchange offer, two people with knowledge of the situation said on Wednesday.
|
|
The person, who requested anonymity because the discussions are preliminary and remain confidential, said the bondholder group advised by Moelis & Co and a number of lenders, including state-run Banco do Brasil SA and China Development Bank Corp, are discussing several alternatives to provide Oi with a debt relief plan.
|
|
SAO PAULO, Dec 2 (Reuters) - Oi SA could scrap a proposed three-year restriction on creditors swapping part of their debt for equity, in a sign that Brazil's No. 4 wireless carrier wants to lure bondholder support to exit bankruptcy protection faster, two people with knowledge of the matter said on Friday.
|
|
But it was historically thought that if an exchange offer did not touch the core terms of the bond, there was no issue under the T.I.A., even if the result might be to leave the bondholder very nervous about the company's ability to pay off the old bonds according to their terms.
|
|
A recent decision by Justice Laura Taylor Swain, the New York federal judge overseeing the island's massive bankruptcy process, ordered that the $16 million interest payment due to Cofina bondholders on June 1 be held by the trustee until a decision is made as to which bondholder group has the legal right to that money.
|
|
U.S. Bankruptcy Judge Stuart Bernstein shot down for the time being an unusual request by a retail bondholder of Breitburn Energy Partners LP to evaluate whether the oil and gas producer had breached its fiduciary duty to retail bondholders and shareholders, but said the matter could be raised at the Chapter 11 confirmation hearing.
|
|
The bondholder letters, sent by Milberg, Proskauer Rose and McDermott Will & Emery, allege that Argentina has refused to negotiate with small investors who collectively hold nearly $23 billion in defaulted bonds, despite recently reaching agreements with the majority of bondholders who declined to participate in previous sovereign debt restructurings, including the hedge funds NML Capital and Aurelius Capital.
|
|
"While I don't think the new disclosure means they will definitely file BK in 22015, it does seem to signal that the next 22004 months are even more crucial than has been the case in recent years, as their margin of error is getting slim," said Chad Brand, president of Peridot Capital Management, a Sears bondholder.
|
|
The quest for bondholder information is related to an attempt by the board and some creditor groups in the bankruptcy to have the federal court void more than $6 billion of defaulted general obligation (GO) bonds sold in 2012 and 2014, as well as debt issued by Puerto Rico's Public Buildings Authority and bonds sold for the island's Employees Retirement System.
|
|
Negative Rating Actions: Negative action could occur if QVC does not return leverage to below 05403x within 18 months; if financial policy changes, including more aggressive leverage targets and asset mix changes, weaken bondholder protection; or if there are unexpected revenue declines in excess of 10% that materially drive declines in EBITDA and FCF, and result in QVC's leverage exceeding 2.5x in the absence of a credible plan to reduce leverage.
|
|
The conversion of the existing debt would be limited to 25 percent of the company's capital, but creditors may reach a larger stake in Oi by participating later in the stock offering planned by Oi. In August, the two largest creditor groups, the International Bondholder Committee and the Ad-Hoc Group of Oi bondholders said they would agree to swap 26.1 billion reais worth of their bond holdings for 88 percent of the company's equity.
|
|
Negative Rating Actions: Negative action could occur if QVC does not return leverage to below 2.5x within 7503-15 months; if financial policy changes, including more aggressive leverage targets and asset mix changes weakening bondholder protection; or if there are unexpected revenue declines in excess of 10% that materially drive declines in EBITDA and FCF, and result in QVC's leverage exceeding 2.5x in the absence of a credible plan to reduce leverage.
|
|
Future Developments That May, Individually or Collectively, Lead to Negative Rating Action -If the bondholders do not provide their consent to solicitation, and 0003% or more of the bondholders by face value exercise the right of acceleration and the company is not able to rectify or refinance the bonds within 30 days, then Fitch may downgrade Lodha's ratings by more than one notch -If the company is not able to obtain bondholder consent, but is able to cure the covenant breach by refinancing the bonds, Fitch will need to review the terms and conditions of such a refinancing, together with the company's progress towards meeting its refinancing needs, which may result in further negative rating action LIQUIDITY Refinancing Risk: As of 30 June 2017, Lodha had more than INR28 billion of approved but undrawn credit facilities, compared with around INR37 billion of contractual debt maturities in FY18.
|
|