Senvion will not emerge from insolvency anymore.
Senvion have switched form offering the company as going concern to an asset sale strategy,
Read MoreWhile bondholders as of yesterday are accelerating, we have been adding our latest insights to a flexible restructuring model of both, a liquidation (unlikely, but useful background) and a distressed sale
Read MoreRegarding Senvion Consent Solicitation:
Again, as per the first consent solicitation, this is a formality as the majority of the bonds is already controlled
Read MoreSenvion GmbH have filed for Insolcency in Germany - specifically for a procedure that allows for a self administration (DIP) process, where management stay in control.
Read MoreSenvion announce that the consent solicited last week has been obtained
Read MoreAs per pour mail last week, Senvion have still not found a financing solution and cash is running extremely tight.
Read MoreSenvion are out with a consent solicitation. The request is to raise the threshold for acceleration of the bonds from 25% to 50%.
Read MoreHaving dodged the Q4 bonanza, we are putting the short on again with 4% of NAV for now. We are looking to capture 30+ points of downside. Please find the updated analysis
Read MoreSome evidence of the time fuse underlying a deal at Senvion:
Apparently a portfolio financing of several wind parks in Chile is unable to close because of lack of financing available for the Senvion turbines. Senvion are due
Read MoreNordex are to report their 2018 statements (recall that we have taken the short off). We expect a sudden movement into a net cash position on the back of significant prepayments on orders won in
Read MoreAn internal memo by Senvion CEO Yves Rannou has been leaked.
It gives no specifics unfortunately, but it does support our thesis that:
1) The turbine portfolio is narrow, but - for lack of sharing
Read MoreSenvion have appointed Neil Robson of THM as CRO
Read MoreTCG: Thomas Cook’s competitor, TUI have announced the sale of a majority stake in Corsair. Corsair is a French airline based out of Orly airport - only flies long-haul, with 7 aircraft.
Read MoreFollowing lender's rejection of Triton’s initial offer some two weeks ago, Triton have agreed to inject E50m in cash through additional equity.
Read MoreSome morning thoughts:
- Debenhams yesterday published an update indicating that the season is going worse than expected and that LdL sales continue to slip. As a consequence, management is now looking for a more comprehensive restructuring (i.e. debt for equity) instead of just a bridge facility.
-Senvion
Read MoreAttached is our analysis of Senvion. (download it here)
The name deteriorated somewhat more quickly than we had anticipated, although it is now clear to us why that was so.
Read MoreMoody’s are out with another, somewhat reactive downgrade after Senvion have hired PJT and have commissioned an S6
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