Distressed debt analyst

[indirect]

Hello, I am looking for a distressed debt analyst to do freelance work on a European distressed debt security. Pl log on and from my profile email me if you are interested. Thank you.

[arbitragr]

What security and what rates?

Which sector in Europe? What type of distress? Secured level? mezz? or exotic stuff like cmbs

[indirect]

German hybrid security in building industry 7.5%. no interst paid last 24 months, cashflow positive and a slice of equity in front of debt. selling 20c to a dollar.

[MartinWhitman]

Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

[stahleyp]

Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

 

Danggg. Are you really marty whitman?? ;)

[MartinWhitman]

Not really ;), but I took a quick look at Pfleiderer`s hybrid security just a few days ago. Buying something for 20 cents on the dollar always draws my attention... Happy christmas to all of you.

[Baoxiaodao]

Pretty obvious your security is Pfleiderer AG`s hybrid paper.

 

In a bankruptcy, I would be surprised if there was enough value for secured creditors to be paid in full. They are trying to restructure out of court so hybrid security holders might not be wiped out completely. Company is cash flow positive if you back out capex and interest payments;-). I mean, there are 900+ mln. in bank debts and ebitda of 120 mln. minus capex of 100 mln. So even secured creditor should be way under water.

 

 

I highly recommend MartinWhitman. He is a native German and has recommended many excellent investments on the board. If anyone is qualified, it is him :P