Senvion

All, 

Events have taken over at Senvion. The company has drawn its revolver, postponed its annual report and is entering negotiations with lenders.
Importantly, Centerbridge, its majority shareholder have pledged full support and the company has commissioned an S6 restructuring opinion (to allow actions to be taken outside of court that will stand in-court should it come to that. 
The SSNs are of course secured, but with an S6 form the company can raise super sr. financing and effectively layer the notes, although not unreasonably so. The request for such a form also points to Germany as jurisdiction of choice. Less tried and rested, but given Centerbridge’s pledge of support it’s sufficiently suitable. 


Wolfgang