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Distressed debt analyst


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Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

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Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

 

Danggg. Are you really marty whitman?? ;)

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Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

 

I highly recommend MartinWhitman. He is a native German and has recommended many excellent investments on the board. If anyone is qualified, it is him :P

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