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Odebrecht Finance (WKN A1HJ0T)

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    OEC stellt klar, dass die Bonds nicht Teil des Insolvenzverfahrens seien mit heutiger Investoren-Notiz:

    NOTICE TO INVESTORS

    The Company wishes to reassure its investors that neither Odebrecht Engenharia e Construcão nor any of its subsidiaries was included in the filing for judicial restructuring presented yesterday by Odebrecht S.A. ("ODB") and certain other companies of the Odebrecht group.

    The Company continues in discussions with the Ad Hoc Group of bondholders and remains engaged in this consensual process to restructure its indebtedness. The ODB filing does not change the Company´s plans or commitment to this process.

    Eventhough the ODB filing includes Odebrecht Finance Ltd ("OFL"), which is a finance subsidiary of ODB (not of the Company), the inclusion of OFL by ODB in its filing does not alter the Company´s plans or commitment (as guarantor) to a consensual process for the bond´s restructuring.


    IR Team - Odebrecht Engenharia e Construção S/A

    Kommentar


    Zitat von thomassamoth Hier:18.06.2019, 20:41 Beitrag anzeigen
    OEC stellt klar, dass die Bonds nicht Teil des Insolvenzverfahrens seien mit heutiger Investoren-Notiz:

    NOTICE TO INVESTORS

    The Company wishes to reassure its investors that neither Odebrecht Engenharia e Construcão nor any of its subsidiaries was included in the filing for judicial restructuring presented yesterday by Odebrecht S.A. ("ODB") and certain other companies of the Odebrecht group.

    The Company continues in discussions with the Ad Hoc Group of bondholders and remains engaged in this consensual process to restructure its indebtedness. The ODB filing does not change the Company´s plans or commitment to this process.

    Eventhough the ODB filing includes Odebrecht Finance Ltd ("OFL"), which is a finance subsidiary of ODB (not of the Company), the inclusion of OFL by ODB in its filing does not alter the Company´s plans or commitment (as guarantor) to a consensual process for the bond´s restructuring.


    IR Team - Odebrecht Engenharia e Construção S/A
    Odebrecht files for Chapter 11: no need to panic
    · The News – Odebrecht SA (ODB) has issued a press release indicating that it has filed for Chapter 11 (link). The process has not included the following companies: Braskem, Odebrecht Engenharia e Construção, Ocyan, OR, Odebrecht Transport, Enseada Industria Naval, Atvos (had already filed for chapter 11) and Odebrecht Corretora de Seguros as well as some operational assets in Latin America. Moreover, the press release issued by ODB says that the chapter 11 process contemplates R$51bn in insolvent credits, excluding those between the group’s own companies. According to Valor, the total outstanding debt could reach R$98.5 billion, composed of the following: R$14.5bn in debt which is not included in the Chapter 11, R$33.0bn in intragroup loans and R$51.0bn in insolvent credits. Additionally, in a document issued by E. Munhoz Advogados (Odebrecht’s lawyers) it is stated that the main implicated financial entities are BNDES, Banco do Brasil, CEF, Bradesco and Itaú.

    · Specific Exposures by Bank – We estimate here the specific exposure that each bank under coverage has to Odebrecht’s consolidated debt, including those with and without guarantees: Banco do Brasil (R$7.8bn), Bradesco (R$4.8bn), Itau (R$3.9bn) and Santander (R$0.9bn). It is important to note that only a small portion of the outstanding debt included in the Chapter 11 does not have real guarantees for large cap banks (except Banco do Brasil, whose exposure is bigger) as follows: Banco do Brasil (R$4.8bn), Bradesco (R$0.4bn), Itau (R$0.5bn), Santander (R$0.4bn).

    · Implications – As we had previously written here, recent conversations with management in our Citi LatAm Conference indicated that banks were comfortable with the current provisioning of Odebrecht. We see two short-term impacts derived from the Chapter 11 request by ODB: (1) banks will likely see a spike in their NPLs once their respective coverage becomes overdue (BBAS NPL should increase by 125bp, ITUB by 73bp, BBDC by 114bp and SANB by 29bp), which should also drive their coverage ratios down; and (2) a reduction in accrual should also take place, as per the Brazilian law, credits in arrears by more than 60 days cannot accrue Interest. In both cases, Banco do Brasil should be the most exposed bank among those under coverage, while Santander the least. We do not believe that this should create a significant overhang for banks as these are currently going through an asset quality normalization process and thus still have space to improve cost of risk.

    Kommentar


    Petrobras CEO sticks with plan to sell Braskem

    7 hours and 56 minutes ago

    Petrobras CEO Roberto Castello Branco said Monday the oil giant still has plans to sell Braskem, even after Dutch group LyondellBasell ended talks with Odebrecht to buy the petrochemical company. However, Petrobras also has a long-term interest in the petrochemical industry. "We're going to keep part of our refineries. Possibly in the future we will study the integration of these refineries with petrochemical operations," said Mr. Castello Branco on the sidelines of an event held by business trade group Lide, in Rio de Janeiro. Odebrecht owns 50.1% of Braskem’s common shares, while Petrobras holds 47% of the voting stocks.

    Kommentar


    Interessant.
    Braskem hat beim Superior Cour durchgesetzt, dass sie jetzt Dividende in Hoehe von R$2,7bio an ihre shareholders zahlen koennen. Die war bislang eingefroren. Braskem gibt dem Gericht andere Sicherheiten in gleicher Hoehe.

    Kommentar


    Schwierig für mich, nach Informationen zu Odebrecht zu recherchieren.
    Könnte jemand erklären, warum die Bonds (A1A01W) zwischen 4% und 6% stehen? "Nur" wegen der Insolvenzerklärung - war sie so unwahrscheinlich? Von 15% ist das ja nochmal ein saftiger Absturz. Würde bei einer Restrukturierung also so gut wie nichts rausspringen?

    Kommentar


    Zitat von davidh Hier:12.07.2019, 16:52 Beitrag anzeigen
    Schwierig für mich, nach Informationen zu Odebrecht zu recherchieren.
    Könnte jemand erklären, warum die Bonds (A1A01W) zwischen 4% und 6% stehen? "Nur" wegen der Insolvenzerklärung - war sie so unwahrscheinlich? Von 15% ist das ja nochmal ein saftiger Absturz. Würde bei einer Restrukturierung also so gut wie nichts rausspringen?
    Das letzte Angebot von OEC waren 30% des Nennwertes. Vermutlich werden das die Anleihegäubiger auch annehmen, denn es gibt kaum Alternativen.
    Schwer einzuschätzen ist aber, ob OEC in den nächsten Jahren wieder neue Aufträge wie geplant bekommt.
    Das erklärt aber 4% nicht.

    Kommentar


    Wie hoch schätzt ihr die Möglichkeit ein, dass die
    Odebrecht Finance A1A01W ein Delisting erfährt z. B. an deutschen und/od. europäischen Börsen, mit allen steuerlich neg. Konsequenzen?

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