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Les dépêches font état de la constitution du comité de créanciers
composé des établissements de crédit
Le comité est bien entendu celui qui est prévu par la loi de sauvegarde et dont il convient de rappeler qu'il a dans les dispositions législatives un rôle primordial , avec le comité des fournisseurs, et ceci en divergence fondamentale avec le rôle que la direction avait dans les négociations accordé au comité ad hoc 18/08/2006 | 12:28:00 LONDRES (Dow Jones)--Eurotunnel SA/PLC (12537.FR) s'apprête a envoyer une lettre à certains créanciers les invitant à rejoindre un comité de détenteurs de créances bancaires du groupe dans le cadre de la procédure de sauvegarde, ont indiqué jeudi des personnes proches du dossier. Le tribunal de commerce de Paris a accordé le 2 août l'ouverture d'une procédure de sauvegarde pour Eurotunnel, mettant ainsi l'opérateur du tunnel sous la Manche à l'abri de ses créanciers. Ce comité des créanciers bancaires sera consulté sur la restructuration du groupe. Tout projet de restructuration de la dette d'Eurotunnel, qui s'élève à 9,1 milliards d'euros, devra être approuvé par ce comité avec une majorité des deux tiers. Il reste à déterminer quelle sera l'influence de ce nouveau comité sur les solutions négociées actuellement entre un groupe de créanciers seniors et les porteurs d'obligations d'Eurotunnel, chacune de ces catégories de créanciers devant donner leur accord sur un projet de restructuration. Les porteurs d'obligations ne seront représentés dans aucun comité, ni les actionnaires, mais les uns et les autres devront donner leur accord avec une majorité de 75% pour une conversion de dette en fonds propres, une opération nécessaire pour alléger l'endettement du groupe. Depuis le 2 août, les discussions entre les créanciers seniors et les porteurs d'obligations ont progressé, selon les sources. Des représentants d'Eurotunnel discutent également avec les créanciers, a indiqué un porte-parole du groupe. La proposition à l'étude prévoit toujours que les actionnaires du groupe détiennent 13% du capital au minimum après la restructuration, comme s'y est engagé Eurotunnel, mais il reste à trouver un accord sur les conditions de la répartition du capital entre les différents créanciers. -Anousha Sakoui, Dow Jones Newswires
By Anousha Sakoui
Of DOW JONES NEWSWIRES
LONDON (MarketWatch) -- Administrators of channel tunnel
operator Eurotunnel SA/PLC (12537.FR) are soon to send out letters to
creditors inviting them to join a bank debt holder committee as part of the
Safeguard procedure, said people close to the situation on Thursday.
Eurotunnel was granted a stay with creditors and
protection from bankruptcy on Aug. 2 under the French Safeguard Procedure -
similar to Chapter 11 in the U.S.
It's likely all creditors holding bank debt as of Aug. 2
will be directly invited to join the committee representing bank debt
creditors, according to one source. This is despite expectations the
committee wouldn't be open to institutional investors that had bought their
claims in the secondary market from original licensed bank lenders to
Eurotunnel - an important first precedent for this new bankruptcy procedure.
This bank creditors' committee will be consulted in a
restructuring and have to approve any restructuring of the company's GBP6.18
billion debt with a two-thirds majority.
It's unclear if this new group's vote could affect any
deal currently being negotiated between a group of the senior lenders and
bondholders, both of which can alone block or approve a restructuring.
Holders of bond debt will not be on any committee neither
will shareholders but the 75% majority approval by both would be required to
approve a debt for equity swap necessary to cut Eurotunnel's debt burden.
Debt Talks Progress
Since Aug. 2, talks between senior creditors and
bondholders have inched forward, say sources involved. Eurotunnel itself has
also been in talks with creditors, a Eurotunnel spokesman confirmed.
A structure proposed by bondholder Deutsche Bank (DB), in
which it and other bondholders provide a backstop for a cash exit for a
tranche of senior debt called Tier Three is being pursued say sources
involved. That tranche of debt has to be swapped for equity, but some of the
holders of that debt want cash instead for writing off their debt claims.
While the proposal still being discussed preserves the
13% stake promised to shareholders by Eurotunnel, the terms on the division
of post-restructured equity between creditors has yet to be agreed.
The headline terms of the deal would involve GBP2.65
billion of senior debt, leaving in place GBP740 million of existing Tier 1A
debt which provides collateral for Eurotunnel's fixed link finance bonds.
There would be an issue of GBP1.275 billion of convertible hybrid bonds,
convertible into 87% of Eurotunnel's post restructured share capital -
leaving shareholders 13% on a fully diluted basis.
Deutsche Bank proposed bondholders get a stake in the
convertible which equates to 17% of equity on a fully diluted basis, in
exchange for writing off their GBP1.9 billion.
Deutsche is offering to backstop the remaining 70% of the
convertible bond issue as a cash-exit for senior creditors at 62 cents in
the dollar - an offer worth GBP1.1 billion.
Senior creditors Franklin Mutual Advisors (FMRVX) and
Oaktree Capital Management are most likely to swap their senior debt claims
for the convertible to get a slice of Eurotunnel equity and be large equity
holders post restructuring. While bond issurer MBIA, wants cash instead of
equity.
This means that bondholders could end up holding up to
40% of the company's equity if they are willing to subscribe to the
convertibles not taken up and share in the financing of the cash payout to
the likes of MBIA.
This offer from Deutsche bank compares to an offer by
investment banks Goldman Sachs (GS) and Macquarie Bank Plc (MBL.AU) signed
in May this year, to underwrite the GBP1.1 billion cash exit for a larger
stake of 87% stake plus GBP100 million in cash.
No matter how much closer Deutsche's plan brings both
sides closer to a deal, a large proportion of the bondholders are vehemently
opposed to leaving shareholders with 13% as it could leave shareholders with
more equity than some of the lower ranking bonds.
The senior creditors are unlikely to enter any bilateral
agreement with Deutsche as they alone can't deliver the 75% majority
approval for the bonds, according to another person close to the situation.
It's also expected shareholders are unlikely to keep such a large stake
given the strength of opposition among other bondholders to Deutsche Bank's
plan.
"The bondholders will coalesce around the hardline," said
one person involved, implying bondholders holding a hardline view believe
shareholders's stake should be no more than the low single digits. Without a
deal on debt, Eurotunnel would end up in bankruptcy and the business put up
for sale.
However a middle ground will have to be found because a
consensual restructuring needs the support of shareholders that have already
been lukewarm to the 13% stake presented by the company. "As long as people
act rationally a deal will get done, and I believe there are rational people
around the table," said one of the sources who suggested a greater than 50%
chance of a deal being done to keep Eurotunnel out of bankruptcy.
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