DeZwarteRidder schreef op 18 mei 2018 18:08:
FTI Consulting is working with bank lenders and hedge funds Attestor Capital and Davidson Kempner Capital Management, which bought bank debt and contributed new loans to Steinhoff after the December disclosure of accounting irregularities sent its securities plummeting, the people said. The members of FTI’s committee will be allowed in the meeting alongside advisers of other groups, they said.
A representative for FTI declined to comment on the talks, while officials at Attestor didn’t return calls and emails seeking comment. A spokesman for Davidson Kempner wasn’t immediately available to comment.
Houlihan Lokey is representing holders of 2.7 billion euros of convertible notes issued by Steinhoff Finance. They included Centerbridge Partners, Silver Point Capital Management and York Capital Management, people familiar with the matter said last year. Some of those bonds are indirectly guaranteed by Steinhoff’s profitable South African division, and have been trading at close to 90 cents on the euro, according to data compiled by Bloomberg.
Holders of 800 million euros of bonds due January 2025 and funds that bought bank loans issued out of the Steinhoff Europe AG subsidiary, including Och-Ziff Capital Management, are working with adviser PJT Partners, the people said.
Hieruit kunnen we opmaken dat de schuldentent vol zit met HedgeFunds en loansharks.
We kunnen er dus bijna zeker van zijn dat veel schulden omgewisseld gaan worden in nieuwe aandelen tegen een heel lage koers.
We krijgen dus een soort Chapter 11 op z'n Europess/Zuidafrikaans.