Senvion - updated model and analysis

All,

Please find a light update to the model and analysis here.

We repeat that we would not be exposed to Senvion at this stage, both for valuation as well as technical reasons.

Nonetheless, the company has some good products and interesting market positions. Thus we will remain on top of the situation until we have a clearer view of any proposal - if any is forthcoming. Given the type of process Senvion is in, there may only be a sale of the company (auction) and thus little equity upside for bondholders.

Wolfgang