Nyrstar, Thomas Cook, Vallourec, Senvion, Moby, Pizza Express, Astaldi

All,

Just some miscellaneous notes (not exhaustive) while going through the bottom of the market:

- Nyrstar: we are glad we’ve stayed out of it.
- Thomas Cook: keeps slipping into Thursday’s results. Tomas is working on the name and happy to discuss findings.
- Vallourec: Also Tomas’ name (in production). The analyst downgrades are coming and the RCF appears to be coming out. Bonds have detached from oil prices and are looking for a bottom. 
- Senvion: My name (commencing production). Bonds seem to have found a floor around 50 - for now. Meanwhile Nordex are wobbling, but not yet dropping. We are staying short Nordex (equity) and “bought” some 2% of Senvion the other day. So we’ll have to work fast. 
- Moby: Glad to have passed on that one too. Have hired PWC while trying to keep their ships out of the administrators’ net.
- Pizza Express: My name (all eyes on the interest payment) we think will need and receive some equity cure around now to help with liquidity ahead of a potentially bigger plan later in the year. We are still on the outside.
- Astaldi: My name (waiting for Valentine’s) seems to be making some progress renegotiating its international contracts ahead of Feb 14th deadline (which it may ask to postpone again). If the company postpones again, we will sell our position however. 


Wolfgang