Noor U Sehur

High Yield & Distressed Credit Analyst at Reorg Research. Opinions my own #LevFin #HighYield #DistressedDebt

[George Galloway @georgegalloway]

With five young kids I buy a LOT from you @adidasUK I will buy no more due to your treatment of #BelaHaddid Your brazen identification with those committing mass murder in #Gaza will cost you dearly #BoycottAdidas

[Sadiq Khan @SadiqKhan]

The Government must publicly call for an urgent ceasefire & implore Israel to end this heart-rending attack on Rafah.

A full-scale attack would be a tragedy, killing countless more innocent Palestinians, displacing families & making it harder than ever to provide lifesaving aid.

[Noor U Sehur @NSehur]

Hi all, you may have heard about the disastrous floods in Pakistan. I have created a gofundme page to raise donations on behalf of the flood relief campaign of the Edhi International Foundation. Every donation can make a difference so please help.https://t.co/StKSxeHpW1

[lucareds85 @Lucareds85]

What will happen to #Saipem? A thread
-Saipem is an Italian oilfield services company. Main shareholders are CDP (12.55%), a state-owned lender, and Eni (30.54%)
-At the end of Jan, it announced that it will report a loss of 1/3 of its equity in 2021 after a backlog review
1/n

[Noor U Sehur @NSehur]

Did Vonovia just bail out Aggregate? Aggregate repays margin loan on Adler stake, loan from Vonovia backed by a call option on 13.3% stake in Adler group #highyeild #adlergroup

[Noor U Sehur @NSehur]

@Credit_Junk Where do you guys think the dollar notes would price?

[Noor U Sehur @NSehur]

Reorg’s cash flow model estimates Codere liquidity shortfall to be €146M-€180M. A scenario of €200M of new super senior money alongside partial equitization of senior secured notes leads to 50% reinstatement, 70% SSN recovery under base case. Full model and story on @ReorgEMEA

[Noor U Sehur @NSehur]

Codere could raise €100M of additional super senior debt with majority consent from super senior lenders to ease liquidity pressures. May have to resort to a debt-for-equity swap to right size balance sheet. Discussions are ongoing. More on @ReorgEMEA #highyield

[lucareds85 @Lucareds85]

#Moby ad hoc bondholder group has sent a counterproposal in the response to the company's latest draft restructuring plan. For all the details, read @ReorgEMEA

[lucareds85 @Lucareds85]

#Moby is considering requesting an #Covid19-related extension to the Dec. 28 deadline to present its concordato plan. Meanwhile, creditors are evaluating the company's latest restructuring proposal, which includes a sale&lease back deal. More on @ReorgEMEA

[lucareds85 @Lucareds85]

#Moby has finally approached its ad hoc bondholder group with a draft restructuring proposal. To know more about the plan of Onorato's company - and gauge the creditors' sentiment - read @ReorgEMEA

[lucareds85 @Lucareds85]

Spanish shipping group #NavieraArmas has drafted a preliminary restructuring proposal for its creditors. The company does need new liquidity, and all the options to get it (Armas family, bondholders, Apollo/HPS) are open. For the details, read @ReorgEMEA @NSehur @LauraVilaca

[Noor U Sehur @NSehur]

Germany also closes gaming halls following Italy. Not good for gaming companies like Lowen Play and Novomatic #highyield

[lucareds85 @Lucareds85]

Fortress, Clessidra and Europa Investimenti are the 3 funds in talks with #Moby for a potential new money provision for the #shipping group. However, the vast majority of Moby’s fleet is pledged as a collateral against its bank debt and €300 million notes. More on @ReorgEMEA

[Noor U Sehur @NSehur]

Altice Europe....#highyield #Altice

[Noor U Sehur @NSehur]

@MountainViewCap True but its a fist one from Codere.

[Noor U Sehur @NSehur]

Codere using debt figures as of July, October but LTM EBITDA as of March in Q2'20 results 🤭😱 #highyield #Codere

[Noor U Sehur @NSehur]

Gamenet historical cash generation, adequate liquidity, variable cost structure is reassuring. Concerns remain around flexibilities in covenant calculations and spike in leverage due to early sponsor payment just before Covid impact shows in financials. @ReorgEMEA #highyield

[Noor U Sehur @NSehur]

Bite's resilient business model and high cash generation capacity is comforting. High leverage and further value leakage to shareholder, who already took out €394M, among the main concerns.
More in Reorg's primary analysis which was out yesterday.