No news on Selecta

All,

The one take-away from the Reuter’s article and other conversations we have had is that KKR are still engaged on the name. 

So far however there has been no approach made. We have no doubt that the E150-200m loans referred to in the article are going to be the subject of much bartering and KKR have a history of drawing negotiations to the last moment before handing over a situation well beyond the brink of collapse. 

Also, its a very large commitment for the fund and Telepizza may now be competing for the cash.

So our enthusiasm on the name remains limited. 

Wolfgang