スペインのバスク地方に本拠をおくスーパーのエロスキは、30'000人の投資家の30%の債務を帳消しに(損失)
Eroski ultima una quita del 30% en deuda para 30.000 inversores
El grupo tiene que pagar a los suscriptores de los títulos el próximo 31 de enero
La CNMV suspende la cotización de los títulos en los mercados de renta fija
El País Madrid 16 ENE 2014 - 16:56 CET
Eroski last a haircut of 30% to 30,000 investors in debt
The group has to pay the underwriters of the securities on Jan. 31
The CNMV suspends trading of securities in the fixed income markets
The Country Madrid 16 ENE 2014 - 16:56 CET
The Eroski Group has closed with financial institutions that sell their debt issues in perpetuity, technically called subordinated financial contributions , a plan to redeem the securities before the financial problems facing the company. The operation , as confirmed Eroski in a statement sent to the CNMV , provides a rebate of 30 % compared to the money originally invested in the contributions and the exchange of the bonds for other bonds of long maturity and cash a portion of the value of the issue . In its day, 30,000 investors flocked to the operation and bought the debt in perpetuity Eroski 660 million. These in price on Wednesday , trading at 38 % of its value, and to further complicate things , with little liquidity.
As recognized by the distribution group to the regulator , the agreement go through the " delivery of a subordinated bond issued by Eroski, whose nominal value equivalent to 55% of nominal input current with a maturity of 12 years since the exchange and an annual fee of 300 basis points (3 %) over the 12-month Euribor . " Along with this, a ' cash payment of 15% of the nominal current , which will be delivered in the time of redemption " is set .
However, the change , revealed Thursday by the Courier, is subject to a number of conditions . The first is that Eroski " for its financial creditors - banks -22 agreements " necessary , the second is to receive authorization from the CNMV , the third is the completion of the debt restructuring 2,500 million in nine months , and Finally, the adoption of the exchange in a general assembly announced controversial .
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In this regard, the affected grouped Kaltetuak have already warned that they will reject any proposal involving a major debt relief because, they argue, is to lose much of their savings. This platform also criticize the Kontsumobide Consumption - Basque Institute of part of the proposal.
Kaltetuak spokesman Jose Antonio Urrutia , explained that the affected families put 845 million euros to buy debt Eroski and Fagor , and that the solution proposed group would now retrieve only 99 million. " The 185 million Fagor principle are lost ; regalaríamos a haircut of 30 % , ie , 200 million and the remaining 55 % we offer through bonds Eroski twelve years." "However , what assurance do we have with these bonds when the counselor own Arantza Tapia said he was concerned about the very complicated situation Eroski. So all you assure us is 99 million euros , 11.8% of the value of all emissions , "he noted .
Suspended from trading
In this situation , the National Securities Market Commission ( CNMV ) has decided to temporarily suspend , with immediate effect , trading in the bond market of these two emissions subordinated financial contributions Eroski. These securities are traded with losses of 62 % over its issue price .
Late last year, Eroski achieved the "absolute" support for financial institutions to its strategic business plan , culminating in 2016, to refinance its debt amounting to 2,500 million euros. Specifically , the distribution group won the support of the 22 creditor banks to this business plan to refinance its debt . The company president , Augustine Markaide , pledged to continue reducing the liability of the company , having done 1,200 million in the last five years.
To do this, Eroski advocated the improvement of the financial economic equilibrium , with the generation of resources from the business, which has resulted in recurring gross operating profit ( EBITDA) of 300 million euros annually.
Also, the distribution group , as explained by the same sources , will resume the sale of real estate assets , which stalled in 2011 with blocking the housing market in Spain . From Eroski also claimed at that time the next payment to subscribers of subordinated financial contributions , are scheduled for 31 January , as such compensation is independent of the benefits of the distribution group .
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