Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Sorry Buck yes you are correct...
what if the panel rules for bankruptcy and pay out of the CDS? In case of a bankruptcy all noteholders can ask for repayment based on the offering memorandum ???
"If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer occurs and is continuing, the principal of and accrued but unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders"
1) You don't need 25 % of nominal value you just need 25 % of participating value:
Introduce a definition of “Qualified Majority Noteholders” as defined in the Common Terms
Agreement, meaning Noteholders, which have at the end of the relevant date voted in the
affirmative to the request in question and represent not less than 75% of the Participating Notes
on such date, where “Participating Notes” means on any date, all Notes for which consent or
voting instructions have been validly delivered and not revoked at the end of business on such
date for both issues of Notes;
2) There are 2 bonds: 2020 about € 750 m and 2023 about € 400 m with separate Votings.
So 261 m ( currrency ?) could be easily enough
The conspiracy theorist in me would say that's why we have had a number of small buys so as not to rock the boat and to allow them to pick up the extra votes they need without driving the market up with big buys....
Once they have the numbers then resistance will break and all the kings horses and all the kings men....
In conclusion, we have one big looser here “Shareholders” either by being significantly diluted or wiped out whichever the outcome is they will loose big
“So, buy 30million (of 300m face value) and guarantee that you will get a 300million payout when you force admin.”
Do you really think that any bank’s CDS desk is willing to provide a quote for a TC bond ever since the first recap R S was released!!
As of the 10/09/2019
Under the rules of schemes of arrangement -- a U.K. court
procedure -- the investors will need to hold at least 25% of
Thomas Cook’s bonds to influence the debt restructuring.
Investors hold about $261 million of swaps on Thomas Cook in total, according to the latest data from the International Swaps & Derivatives Association.
I have already stated that the delay is to make sure they have enough votes before they walk into the meeting so no surprises ahead
If you have a bloomberg professional terminal just look up the sizes of the bond which are being traded.
Doesn’t add up to 250K
“and whilst the face value of the debt is in the billions, they are currently trading at 10-11% of face value.”
And who would be willing to take a 90% haircut when there is a potential to convert their massive loss for D4E.
Think before you reply pls
@illbe the delay is to negotiate with bondholders and make sure they can attain 75% of the votes
As for the hedge funds they don’t hold 25% of the bonds, otherwise they won’t be trying and negotiating a pay off. At the end of the day they are vultures and not a charity.
“Under the rules of schemes of arrangement -- a U.K. court
procedure -- the investors will need to hold at least 25% of
Thomas Cook’s bonds to influence the debt restructuring.
Investors hold about $261 million of swaps on Thomas Cook in
total, according to the latest data from the International Swaps
& Derivatives Association.”
TC total bonds amount is EUR1.150bn which is circa $1.265bn, 25% of this figure is roughly $316m.
Simply put they want to go make sure they have enough votes before they walk into the meeting.
Unwanted but guaranteed MUPPET response - just never read it - makes no difference - ILLGIVAFIK owns this BB along with his little group off suckers with calculators - no sentiment in calculators - they fail to understand how stocks move - SENTIMENT is the main mover - Muppet strings operated by shorters.
Paid Trolls all over TCG
Still not affecting the price - Lrge vol sitting at 4.4 then next at 4.25.
Not all are convinced that it's on the rocks - just yet.
Fosun may get cold feet and it's very late in the day for a WK.
Fat lady is in the wings - yet to sing.
GLA
More delays then ...
A crunch meeting will take place at noon today that could clear the way for Thomas Cook to get its £1 billion rescue deal over the line.
Today's meeting of the Credit Derivatives Determinations Committee follows Thomas Cook's decision to file for Chapter 15 bankruptcy protection in the US.
The Committee will decide whether the filing indicates that a 'bankruptcy credit event' has occurred and, if so, this could trigger default insurance payments.
This is crucial because, according to reports, holders of Thomas Cook Credit Default Swaps are threatening to block the company's plan to raise an additional £900 million in borrowing because it could leave them with nothing.
Why is this the case?
The financial restructuring deal on the table would involve Thomas Cook's major shareholder, Chinese investor Fosun, pumping a further £450 million into the business in exchange for 75% of the tour operator and 25% of Thomas Cook Airlines.
The company would raise a further £450 million from existing debtholders and its bankers, who would then take control of the airline and own up to 25% of the tour operator.
However, in addition, they would write off £1.7 billion of debt, which would leave no debt to insure, hence the threats by the holders of the Credit Default Swaps to block the move.
How could today's meeting help?
If it is decided that a bankruptcy credit event has occurred, this could trigger payouts for the holders of the Credit Default Swaps, removing their need to block the refinancing package.
Will this guarantee the rescue deal will go ahead?
Sky News claimed last week that Thomas Cook needs to raise a further £100 million to satisfy its creditors that it has enough cash to see it through the winter. The operator has not confirmed these reports.
The company was due to hold a creditor's meeting to vote on its proposed rescue deal this week, but it has now delayed the meeting until September 27, three days before the deadline for renewing its ATOL.