649935 - Die WORLDCOM-Pleiteanleihe - 500 Beiträge pro Seite

[Topfenpalatschinke]

Die alten Threads sind alle ziemlich überladen, deshalb hier ein neuer Thread für alle, die sich für die weitere Entwicklung dieser Anleihe interessieren.

Meine aktuelle Sicht der Dinge:

WCOM steht kurz vor einem Insolvenzverfahren, Chapter 11, oder was auch immer. Fällige Zinszahlungen wurden vor ein paar Tagen nicht geleistet, es läuft eine 30tägige Gnadenfrist. Es wird also in den nächsten Tagen / Wochen zu einem Insolvenzverfahren kommen.

Die langfristigen Verbindlichkeiten von WCOM bestehen im wesentlichen aus:

29 Mrd Bondschulden
4 Mrd Steuerschulden
2.65 Mrd Bankkredit

Über weitere Verbindlichkeiten bin ich mir nicht im klaren, d. h. inwieweit kurzfristige Verbindlichkeiten durch current assets abgedeckt sind. Man könnte hier vorsichtshalber noch mit ein paar weiteren Mrd. kalkulieren.

Das Anlagevermögen steht mit 39 Mrd zu Buch, geschätzter Marktwert liegt bei ca. 15 Mrd (nur als Größenordnung)

Ganz grob ergibt sich damit als Orientierungspunkt eine Gläubigerquote von 15 / 40 = 37%

Als wahrscheinlichste Lösung sehe ich einen debt-equity-swap, nach dem das Unternehmen bilanziell wieder gesund ist und weiterläuft. Orientiert man sich äußerst vorsichtig an einem geschrumpften Umsatz von 25 Mrd als Unternehmenswert, erhält man als Quote 25 / 40 = 62%

(Man beachte, daß z. B. der enterprise value der DTE mit mehr als dem doppelten des Umsatzes bewertet ist.)

Die Bonds hätten demnach theoretisch einen Wert von mindestens 30 - 60%

Tatsächlich notieren sämtliche US-Bonds bei ca. 16%, die 649935 EO-Notes bei 14%

Aus spekulativer Sicht sind die Bonds m. E. bei aktuellen Kursen unter 20% sehr interessant: wenig Verlustrisiko und gute Gewinnchancen.

[Topfenpalatschinke]

Tja, ziemlich unklare Situation, wie`s bei WCOM weitergeht. Momentan kämpft jeder gegen jeden: die Bondholder, die Banken, WCOM. Eine rasche Lösung der Misere wird damit leider immer unwahrscheinlicher.
---------------------------------

JULY 18, 2002

NEWS ANALYSIS

WorldCom Feels the Freeze

A quick reorganization and turnaround are looking ever less likely now that a New York judge has put $2.5 billion of its assets on ice

More bad news for WorldCom. On July 17 in New York, U.S. District Court Judge Jed Radoff ordered a freeze on $2.5 billion of its assets. For 70 days, WorldCom (WCOME ) will be forbidden from selling stock in any of its domestic divisions. These assets are intended to provide some security for the company`s creditors, which are owed a total of $28 billion. Radoff is also presiding over the Security & Exchange Commission`s civil case against the telecom giant.

The freeze is the latest in a series of developments that are making any hope of a quick reorganization and turnaround of WorldCom seem less and less likely. WorldCom`s bank lenders, which are owed $2.65 billion, have been aggressively trying to secure themselves a senior position -- one where they are paid back first -- should the company file for bankruptcy. Bondholders holding $24 billion in outstanding debt would be on the same level as bankers should WorldCom go the Chapter 11 route.

CREDITOR SCUFFLE. So far, though, the negotiations have done little but drive a wedge between the bank lenders and bondholders. Executives were hoping for a prepackaged bankruptcy, which would require all creditors to agree to most terms and could be worked through in as little as three months. Now, most WorldCom creditors say there`s little to no chance of that happening.

Already, bondholders and the company`s bankers are fighting on another court front. Three California public pension funds, representing $275 billion in assets, said on July 16 they would sue the bank underwriters of WorldCom bonds issued in May, 2001. JP Morgan Chase and Citigroup were the lead underwriters of those bonds. JP Morgan has lined up about $2 billion in debtor-in-possession (DIP) financing for WorldCom.

The telecom is already in default on its $2.65 billion bank loan. And on July 17, Standard & Poors cut some of WorldCom`s debt to "D," or default. The company missed $74 million in debt payments on July 15. WorldCom has a 30-day grace period in which to make the payments, but S&P said it thought it would be "unlikely" that the telecom will be able to pay.

By Heather Timmons in New York

[Topfenpalatschinke]

Hier noch ein anderer Artikel, der die Situation etwas anders darstellt:
---------------------------

07/17/2002 - Updated 09:02 PM ET

WorldCom could catch a break from banks

By Andrew Backover, USA TODAY

WorldCom could win a brief reprieve in court Thursday if banks drop an attempt to freeze what`s left of $2.65 billion they loaned the ailing telecom in return for the company`s pledge not to sell certain assets for 80 days. But a bankruptcy filing for the USA`s No. 2 long-distance carrier remains imminent, say people familiar with the situation.

U.S. District Judge Jed Rakoff on Wednesday said he supported the compromise that would end the attempt by 25 banks to freeze cash WorldCom needs to operate. The banks will respond today.

The matter is largely procedural and will not ultimately change the fate of WorldCom, which has $30 billion in debt and risks losing customers following its recent disclosure that it hid $3.9 billion in expenses in 2001 and early 2002. The Securities and Exchange Commission, Justice Department and federal lawmakers are investigating.

Had the banks been successful, they could have forced WorldCom into Chapter 11 immediately. WorldCom has less than $2 billion in cash, and its stash is dwindling fast as nervous vendors demand up-front payments. The cash won`t even last two months.
[/b]
To appease the banks, WorldCom has agreed not to sell certain assets, such as stakes in subsidiaries. Rakoff raised concerns over the banks` initial plan because it might have given them preferential treatment over other creditors, such as bondholders, in a bankruptcy proceeding. [/b]

WorldCom, which owns MCI, disclosed its misdeeds on June 25, six weeks after getting the loans. The banks said the funds should be frozen because of the fraud.

WorldCom has sewn up financing of up to $2 billion, which it can use to operate should it seek bankruptcy protection, from Citigroup, J.P. Morgan Chase and GE Capital. But the possibility of getting money to avoid bankruptcy is all but gone, people familiar with the situation say. WorldCom CEO John Sidgmore has been talking to a bank and an investor for about $3 billion in funds.

[Topfenpalatschinke]

Die beiden obenstehend in #2 und #3 geposteten Artikel zeigen, wie unterschiedlich berichtet wird:

Artikel 1 stellt es so dar, daß WCOM vom Richter verboten wurde, in den nächsten 70 Tagen etwas zu veräußern:

"On July 17 in New York, U.S. District Court Judge Jed Radoff ordered a freeze on $2.5 billion of its assets. For 70 days, WorldCom (WCOME ) will be forbidden from selling stock in any of its domestic divisions."


Artikel 2 stellt es als Initiative WCOMs, als Kompromißvorschlag dar, der vom Richter unterstützt wird und von den Banken noch angenommen werden muß. Übrigens sind es hier 80 Tage...

"WorldCom could win a brief reprieve in court Thursday if banks drop an attempt to freeze what`s left of $2.65 billion they loaned the ailing telecom in return for the company`s pledge not to sell certain assets for 80 days...

U.S. District Judge Jed Rakoff on Wednesday said he supported the compromise that would end the attempt by 25 banks to freeze cash WorldCom needs to operate. The banks will respond today."

[Topfenpalatschinke]

Der in #2 gepostete Artikel

JULY 18, 2002
NEWS ANALYSIS
WorldCom Feels the Freeze

ist teilweise schlampig, irreführend, falsch geschrieben. Ein wahrer Kern wird nicht korrekt dargestellt und die Sachlage verfälscht bzw. verzerrt.

[K1K1]

@TP

die Anwälte der Banken und WorldCom haben sich auf die Lösung des Nichtverkaufs von Assets geeinigt. Der Richter würde dem zustimmen, wenn alle 25 Banken diesen "Kompromiss" unterschreiben (der Richter kann sie also nicht zur Unterschrift zwingen - kommt in deinem Kommentar nicht so richtig raus).

Was die Banken von der Sache haben ist mir unklar. Die einzige Variante die dieser freeze verhindert wäre der (m.E. sowieso unwahrscheinliche) Panikverkauf von bspw. UUnet, um an Cash zu kommen. Wichtig für die Anleihegläubiger: Durch diese Vereinbarung werden die bisherigen Bankkredite nicht vorrangig (was ja von den Banken angestrebt war).

Grüße K1

[Topfenpalatschinke]

Seltsam, bei den US-Bonds tauchen auf einmal Kurse von 60-90 auf. Eine Täuschung?

Moody S&P Qty Min Issue Coupon Maturity Yield LY Price

Ca C 150 5 Worldcom I 7.875 05-15-2003 455.053 455.053 15.563
Ca C 1000 1 Worldcom I 7.875 05-15-2003 15.466 15.466 94.379
Ca C 1000 1 Worldcom I 6.250 08-15-2003 15.432 15.432 91.304
Ca C 100 1 Worldcom I 7.550 04-01-2004 163.241 163.241 17.063
Ca C 1000 1 Worldcom I 6.500 05-15-2004 15.637 15.637 86.026
Ca C 100 Worldcom I 6.400 08-15-2005 87.883 87.883 17.188
Ca C 2 1 Worldcom I 6.400 08-15-2005 91.518 91.518 16.188
Ca C 100 Worldcom I 8.000 05-15-2006 78.656 78.656 17.188
Ca C 220 5 Worldcom I 8.000 05-15-2006 83.945 83.945 15.625
Ca C 1000 1 Worldcom I 8.000 05-15-2006 15.685 15.685 78.524
Ca C 1000 1 Worldcom I 8.250 05-15-2010 15.756 15.756 66.893
Ca C 130 1 Worldcom I 7.500 05-15-2011 26.984 26.984 35.500
Ca C 70 1 Worldcom I 7.500 05-15-2011 47.322 47.322 17.750
Ca C 170 5 Worldcom I 7.500 05-15-2011 52.079 52.079 15.750
Ca C 1000 1 Worldcom I 7.500 05-15-2011 15.718 15.718 61.465
Ca C 100 Worldcom I 8.250 05-15-2031 47.375 47.375 17.313
Ca C 1000 1 Worldcom I 8.250 05-15-2031 15.688 15.688 53.162
Ca C 190 5 Worldcom I 8.250 05-15-2031 51.812 51.812 15.813

[huesca2]

Leider Täuschung. Versuchs mal hier für realistischere Kurse:

ww.debttraders.com

[Topfenpalatschinke]

@huesca2

Guter Hinweis! Danke!

Hier ein paar (aktuelle?) Quotes von dieser Seite:

WCOM04USN1 : 6.500% Bond Due `04 Price 13.250 14.250
WCOM06USS1 : 7.375% Bond Due `06 Price 14.500 15.500
WCOM07USR4 : 11.250% Bond Due `07 Price 20.000 25.000
WCOM10USN1 : 8.250% Bond Due `10 Price 17.000 18.000
WCOM31USN1 : 8.250% Bond Due `31 Price 13.250 14.000

[Topfenpalatschinke]

P.S.: www.debttraders.com dürfte auch mit Vorsicht zu genießen sein, wie die folgenden Quotes zeigen:

WCOM07USA1 : 11.250% Bond Due `07 Price 27.500 29.500
WCOM09USR2 : 12.250% Bond Due `09 Price 8.000 10.000
WCOM10USR1 : 6.500% Bond Due `10 Price 40.000 43.000
WCOM06USR1 : 6.950% Bond Due `06 Price 40.000 43.000
WCOM27USR1 : 7.125% Bond Due `27 Price 40.000 43.000
WCOM04USR1 : 7.500% Bond Due `04 Price 40.000 43.000

[huesca2]

@TP

Die Bonds die in den 40er notieren sind keine echten WCOM-Bonds, sondern MCI-Bonds , deren Bedienung von WCOM bei dem Merger mit MCi ( 1999?) übernommen wurde. Nun gibt es die Spekulation, daß bei einem Insolvenzverfahren die MCI-Bonds vorranging aus den Erlösen eines Verkaufs des MCI-Anteils bedient werden. So zieht auch eine liquide Vorzugsaktie von MCI , Ticker MCICE, heute um 15% an !

Du kannst bei Debttraders feststellen, welche Bonds eigentlich MCI-Bonds sind, indem Du MCI in die Suchmaske eingibst. Die Liste stimmt fast mit Deiner in Posting 10 überein; Abweichungen kann ich mir auch nicht erklären.

So schön , so gut. Für die 649935 ist das jedenfalls nicht positiv.

[Topfenpalatschinke]

@huesca2

Wenn man nach den MCI-Bonds sucht, erhält man 7 Treffer. Diese haben ein Gesamtvolumen von 2.59 Mrd (falls ich richtig addiert habe)

Sollten diese MCI-Bonds tatsächlich in irgendeiner Weise vorrangig sein, so ist das für die 649935 natürlich nicht positiv. Andererseits hält sich die eventuelle Benachteiligung aufgrund des Volumens von 2.59 Mrd noch in Grenzen.

Wenn von einem geschätzten Marktwert für WCOM von 15 Mrd beispielsweise nur 7 Mrd übrigbleiben für die "echten" WCOM-Bonds (Volumen 25??? Mrd), ergäbe sich eine Quote 7 / 25 = 28% (nur als Einschätzung der Größenordnung).

[huesca2]

Ein Problem liegt wohl darin , dass es drei Jahre nach dem Zusammenlegen der Netze von WCOM und MCI äußerst schwierig sein dürfte festzustellen , welche Vermögenswerte welchem Gläubiger zuzurechnen sind. Die Leitungen werden seit Jahren gemeinsam genutzt und ausgebaut; was gehört nun wem ?

Da läuft unter Umständen einiges im Hintergrund ab, was die Verzögerung in dem Insolvenzverfahren erklären könnte. Der Unterschied in der Bewertung der Bonds zeigt, dass schon jetzt auf Preise für bestimmte Bestandteile von WCOM spekuliert wird. Eine Zerlegung scheint vorprogrammiert.

[noch-n-zocker]

Ich befürchte, dass die Bondholder die Kröte mit der Nachrangigkeit am Ende schlucken müssen. WCOM muß voll funktionsfähig bleiben, denn nur als going concern mit Kunden und Produkten ist die Firma was wert. Dazu braucht Worldcom wahrscheinlich irgendwann frisches Geld. Und das bekommt sie kurzfristig nur von den Banken, die sich dafür die Erstrangigkeit ihrer Kredite erkaufen.

Die MCI-Bonds sind lange in den Zwanzigern gehandelt worden, da haben wir die erste Chance schon verpaßt

Im neuen Prospekt der ProSieben-Anleihe wird explizit darauf hingewiesen, dass Verbindlichkeiten der Muttergesellschaft strukturell nachrangig zu Verbindlichkeiten von Tochtergesellschaften sind. Das mag bei Worldcom ähnlich sein. Bei der Swissait wäre man mit den Anleihen der Finanzierungstöchter auch besser gefahren.

Gleichwohl halte ich die WCOM-Bonds auf aktuellem Niveau für aussichtsreich, da ein Totalverlust angesichts der vielen betroffenen staatlichen Pensionsfonds auch ein Politikum darstellt. Natürlich darf es keine amerikanische Lösung geben, bei der der Eurobond auf der Strecke bleibt.
Hat keiner Kontakt zu einem Distressed Bond Händler, der mal seine Sicht der Dinge zum Besten gibt?

[Topfenpalatschinke]

@noch-n-zocker

Die MCI-Bonds sind lange in den Zwanzigern gehandelt worden, da haben wir die erste Chance schon verpaßt.

Wenn man sich die Charts bei www.debttraders.com ansieht, sind die Kurse nur mal kurz mit einer Zacke auf ca. 23 eingebrochen und dann sofort wieder über 35.


Gleichwohl halte ich die WCOM-Bonds auf aktuellem Niveau für aussichtsreich, da ein Totalverlust angesichts der vielen betroffenen staatlichen Pensionsfonds auch ein Politikum darstellt.

Die Hauptverschuldung und somit das Hauptproblem WCOMs sind die 28 Mrd Bondschulden. Gäbe es diese Bondschulden nicht, hätte WCOM kein Problem. Wie es da zu einem Totalverlust kommen soll, ist mir unverständlich. Schließlich kann ja WCOM nicht hergehen und sagen: wir haben zum Schuldenbedienen keine Lust mehr und erklären daher die Bonds für verfallen. So einfach wird`s wohl nicht gehen.

Übrigens gibt`s ja auch Klagen großer Pensionsfonds gegen die Banken wegen der 11 Mrd. Bond-Emission in 2001. Sinngemäßer Kommentar: "Die Banken hätten die schwierige Lage von WCOM erkennen müssen. Wenn man sich auf die Banken nicht verlassen kann, werden eben keine Unternehmensanleihen mehr gekauft."

[Topfenpalatschinke]

WorldCom Says to File Bankruptcy Sunday

July 21

— PHILADELPHIA (Reuters) - WorldCom Inc. said it will file Chapter 11 bankruptcy protection later Sunday in the nation`s largest insolvency after the long-distance telephone and data services company buckled under a $3.85 billion accounting scandal and a mountain of "junk-rated" debt.

The company said it expects to get up to $2 billion in funding that would allow it to keep operating under a bankruptcy reorganization, WorldCom Chief Executive John Sidgmore said in a telephone interview.

The bankruptcy would not include the company`s international operations, Sidgmore said. WorldCom, which has 85,000 employees and operations in 65 countries, aims to emerge from Chapter 11 with a stronger balance sheet in about nine to 12 months.

WorldCom last month disclosed it hid $1.2 billion in losses by failing to report $3.85 billion in expenses and was charged with fraud by the U.S. Securities and Exchange Commission. Its accounting debacle followed financial scandals at collapsed energy trader Enron Corp. and sparked outraged from President Bush and Congress.

The Chapter 11 filing by WorldCom would follow once high-flying companies like energy trader Enron Corp. and Global Crossing Ltd., which crumbled into bankruptcy amid a crush of accounting investigations by federal regulators.
-----------------------------

aims to emerge from Chapter 11 with a stronger balance sheet in about nine to 12 months.

In längstens 9 - 12 Monaten sollte sich also herausstellen, was die Anleihe wert ist...

[Topfenpalatschinke]

Hier noch ein paar aktuelle Kurse von www.debttraders.com

................Coupon......Maturity......Country..... Price

(WCOM03USA1) 7.375% 15-Jan-2003 United States 13.125
(WCOM03USN1) 7.875% 15-May-2003 United States 13.125
(WCOM03USN2) 6.250% 15-Aug-2003 United States 13.125
(WCOM04USN1) 6.500% 15-May-2004 United States 13.000
(WCOM04USR1) 7.500% 20-Aug-2004 United States 38.500
(WCOM04USR2) 7.550% 1-Apr-2004 United States 13.125
(WCOM05USN1) 6.400% 15-Aug-2005 United States 13.000
(WCOM06USA1) 7.375% 15-Jan-2006 United States 13.625
(WCOM06USN1) 8.000% 15-May-2006 United States 13.000
(WCOM06USR1) 6.950% 15-Aug-2006 United States 38.500
(WCOM06USR2) 10.875% 1-Mar-2006 United States 15.000
(WCOM06USS1) 7.375% 15-Jan-2006 United States 13.625
(WCOM07USA1)11.250% 15-Jul-2007 United States 28.500
(WCOM07USR2) 8.875% 1-Nov-2007 United States 16.250
(WCOM07USR4)11.250% 15-Jul-2007 United States 22.500
(WCOM08USN1) 6.750% 15-May-2008 United States 13.000
(WCOM08USN2) 7.250% 15-May-2008 United States 15.000

[Topfenpalatschinke]

Auszug aus einem Bloomberg-Artikel vom 22.07.:
------------------------
WorldCom may shed some debt by swapping bonds for equity because the company will have difficulty raising cash from asset sales, investors say.

``There`s a lot of value here, and bondholders are going to want it, so it`s going to be contentious,`` said Eric Tutterow, an analyst at KDP Investment Advisors. Bondholders may get 20 cents on the dollar in stock of a reorganized company, he said.

J.P. Morgan Trust Co., representing bondholders owed $17.2 billion, is listed in the federal court filing as WorldCom`s largest creditor. Other top creditors are Mellon Bank NA, trustee for bondholders owed $6.6 billion, and Citibank NA, trustee for bondholders owed $3.29 billion.

Voting Shares

J.P. Morgan Chase & Co., owed more than $3 billion, is the largest single bondholder listed in the filing. Deutsche Bank AG is owed more than $240.7 million for a bank loan, court papers show.
----------------------
Bondholders may get 20 cents on the dollar in stock of a reorganized company, he said.

Zwar nur eine unklare Hausnummer, aber immerhin mal eine Zahl.

[huesca2]

Ein typischer Artikel : Einerseits .... andererseits .....

************************************************************

**Reuters Company News
WorldCom bonds touted as buy, but speculators wary
By Dena Aubin

NEW YORK, July 22 (Reuters) - A fire sale is on in bonds of WorldCom Inc. (NasdaqNM:WCOME - News) in the wake of its record bankruptcy filing, but fears of more accounting bombshells are keeping many buyers at bay.

Trading at 12 to 13 cents on the dollar, the bonds could be worth three times that much, some analysts said on Monday. The trouble is, the bonds could have further to fall if the company`s problems with regulators take a worse-than-expected toll.

"It`s very hard to determine what the end result is going to be with any confidence," said Nicholas Walsh, who manages $15 million of distressed debt for Wilfrid Aubrey LLC. "There are too many moving parts to have a firm estimate (of the bonds` value)."

WorldCom`s bonds have plunged in price since the company disclosed last month that it improperly booked $3.85 billion in expenses, starting a downward spiral that ended in the largest bankruptcy filing in modern U.S. history on Sunday.

The phone giant has said it will seek court approval of $2 billion in funding to keep operating during a reorganization that potentially could erase more than 75 percent of its debt. The company listed $107 billion of assets and $41 billion of debt, including about $28.5 billion of bonds, in its bankruptcy filing.

Ironically, the bankruptcy filing could put the company on a much sounder footing by eliminating about $2 billion in annual interest payments, analysts said.

BEAR STEARNS SEES UPSIDE

"Now is really the time to make your bets," said Alan Mintz, senior managing director for Bear Stearns.

Despite risks of more accounting disclosures, Mintz estimates the bonds are worth 22 to 41 cents on the dollar. At current trading levels, there is "significant upside" in the bonds, Bear Stearns said in a recent report.

WorldCom`s ability to hang onto customers will be a key to the exact amount bondholders ultimately recover, analysts said, and that will depend on a quick restructuring or sale of the company.

"I think it would be naive to think they`re not going to lose some customers," said Mintz. "The question is, `How quickly can they get the company restructured or sold?` That will really be the determining factor of what the ultimate value is."

WorldCom has said it expects to reduce its debt through a debt-for-equity swap that would give bondholders an ownership stake in the reorganized company.

One advantage of the bankruptcy filing is that it will help WorldCom`s position with suppliers, whose reluctance to extend credit had been a drain on the company`s cash, Mintz said. Now, with much of the company`s debt wiped out, suppliers can feel confident that whatever credit they extend is going to be repaid, he said.

If the company can quickly reorganize without losing too many customers, it should be able to survive and the bonds would be a great investment, said Wilfrid Aubrey`s Walsh.

Still, Walsh said he has not been adding to the WorldCom bonds he owns because there are too many unknowns about the company`s future. One fear, he said, is that the company`s accounting troubles could cause it to lose its government contracts. Also, federal probes could become such a distraction that the company would be unable to manage its business.

DISTRESSED VETERAN ON SIDELINES

The world`s largest carrier of Internet traffic and No. 2 long-distance carrier, WorldCom has lucrative contracts with the U.S. Defense Department and Federal Aviation Administration, among other business clients.

The Securities and Exchange Commission has filed fraud charges against the company, alleging its accounting errors hid $1.22 billion in losses.

Wilbur Ross, a distressed debt buyer who has traded in and out of WorldCom paper, said he believes there is value in the bonds, though he is staying on the sidelines for now.

"They filed a huge statement as part of the bankruptcy filing, and we`re just reanalyzing that now to make sure we don`t miss anything," Ross said. A veteran restructuring expert, Ross said he had bought WorldCom bonds when they traded as low as 10 cents on the dollar but sold them at 17 cents and does not own any now.

"We felt at the level where we were able to sell them, that near-term there was more downside than upside with the confusion of the bankruptcy," Ross said. "We`ll be back in. We fundamentally like the bonds."

For now, anyone looking for WorldCom bonds should have no trouble finding sellers.

"There`s a lot of trading in them," said Ross. "The original bondholders are selling, and the distressed people are buying and selling."

**********************************************************

[Topfenpalatschinke]

@huesca2

Interessanter Beitrag!

Mintz estimates the bonds are worth 22 to 41 cents on the dollar. - da hätten wir ja schon mal eine weitere Schätzung.

Der Wert der Bonds wird maßgeblich davon bestimmt, wie schnell es im CH11-Verfahren gelingt, eine Restrukturierung durchzuführen. Je länger das dauert, umso schlechter für WCOM und für die Bonds.

KPMG geht jetzt die Bilanzen der letzten Jahre durch, um sie zu auditieren. Das dauert voraussichtlich bis Ende 2002. Das CH11-Verfahren könnte demnach frühestens im 1. Quartal 2003 abgeschlossen werden.

[Topfenpalatschinke]

Noch ein Gedanke:

Wenn die Bonds komplett in neue Aktien umgetauscht werden, wird der Wert dieser neuen Aktien im Börsehandel bestimmt. Da könnte dann noch einiges mehr drin sein als 40 cents on the dollar.

[Topfenpalatschinke]

TABELLE/Liste der Inhaber von WorldCom-Anleihen/-Krediten

New York (vwd) - Die WorldCom Inc, Clinton, hat auf ihrer Internetseite die Inhaber der 50 größten unbesicherten Anleihen und Kredite veröffentlicht. Hierzu gehören unter anderem:

Institut ausstehender Anleihe-Betrag
J.P. Morgan Trust Co,
National Association 17,200 Mrd USD
Mellon Bank 6,600 Mrd USD
Citibank 3,290 Mrd USD
JP Morgan Chase 3,005 Mrd USD
Bear Stearns 2,718 Mrd USD
Bank of New York 2,581 Mrd USD
State Street Bank 2,002 Mrd USD
Morgan Stanley & Co 1,908 Mrd USD
Goldman, Sachs & Co 1,519 Mrd USD
Suntrust Bank, Central
Florida National Ass. 1,220 Mrd USD
Deutsche Bank 1,006 Mrd USD
DB Alex Brown & Sons Inc 189 Mio USD
23. Juli 2002, 08:54
---------------------------------

Ergibt addiert 43 Mrd - da dürften also auch die kurzfristigen Verbindlichkeiten miteingerechnet sein.

[K1K1]

@TP #22

da sind Doppelzählungen enthalten. Die 17,2 Mrd$ + 6,6 Mrd$ sind bspw. die als Treuhänder gehaltenen Anleihen (erkennst du auch daran, dass JPM/C etwas weiter unten mit 3 Mrd$ nochmals auftaucht.

Die Gesamtverbindlichkeiten lt. Ch 11 File liegen bei 41 Mrd$ (also inkl. Bonds, Tradedebt, etc.etc.).

#19 / 20 BearSterns geht von folgenden Annahmen aus: Zurückgehenden EBITDA’s für 2002: -23,5% / 2003 -15% / 2004 -12% aus. EBITDA Multiplikator 2004 2,5 bis 4. MCI Anleihen vorrangig bis gleichrangig. Die "schlechteste" Annahme kommt dann auf 22%, die "beste" auf 41%.

Grüße K1

[huesca2]

Ist die WCOM Anleihe, dadurch dass sie flat gehandelt wird, automatisch zur Finanzinnovation geworden, bei der die Bank beim Verkauf 30% Zinsabschlagsteuer einbehält ?

@ K1
Ich erinnere mich, dass Du diese Frage in anderem Zusammenhang erörtert hast, finde die Stelle aber nicht mehr. Kannst Du das ev. noch einmal posten ?

[noch-n-zocker]

huesca

Du mußt Deine Bank darauf hinweisen, dass Du die Anleihe vorher als normalen Bond gekauft hast. Dann wird keine Steuer einbehalten und Du erhältst eine Steuerbescheinigung, aus der die negative Marktrendite hervorgeht.

Solltest Du mit Gewinn verkaufen, dann wird die Steuer nur auf den Gewinn erhoben. So läuft`s jedenfalls bei der Dt. Bank. Der Computer bei denen behandelt aber die Anleihe erstmal so, als sei Dein Einstandkurs 0, deswegen muß der Berater daran manuell etwas ändern.

[huesca2]

Weiß jemand, ob der Handel mit dem Bond ausgesetzt ist ? Vielen Dank!

huesca

( @TP Viel Glück mit der HVB wünsche ich , bin seit 16 Uhr auch dabei ... )

[Topfenpalatschinke]

@huesca

HVB - Dir entgeht aber auch nichts! Habe übrigens auch nochmal nachgelegt (mit der Notreserve...)

649935 - keine Ahnung.

[noch-n-zocker]

Der Bond ist leider seit 3 Tagen ausgesetzt. Ich wüßte aber auch gerne mit welcher Begründung, die Aktien waren nur einen halben Tag ausgesetzt.

[Plutokrat]

Im Berliner Kursblatt steht zwar unter "Bekanntmachungen" die Preisfeststellung der Anleihe sei am 22.07 14:31 Uhr wieder aufgenommen worden, im Kursteil ist sie aber weiter ausgesetzt. Da hat wohl jemand die Bekanntmachung für die Aktie einfach abgeschrieben...

[Topfenpalatschinke]

Aus einem MSNBC-Artikel über die Schuldnerhierarchie:

------------------------------------
Once a Chapter 11 filing is made, the failed company stops making debt payments, and its creditors divide into groups, creating a caste system of forlorn financial institutions and tradespeople.

The Brahmins here are the secured borrowers—those whose obligations are secured by a claim on some of the company’s assets.

Unsecured creditors, whose debts are secured only by the borrower’s promise to pay, are far less likely to collect.

Trade creditors—caterers, construction crews, interior decorators, telephone companies (WorldCom owes Verizon $125 million)—are at the bottom of the pecking order. So are employees and former employees who are owed wages and benefits. It’s a tiny measure of justice that former WorldCom CEO Bernard Ebbers will have to join the queue if he wants to collect his $1.5 million annual lifetime pension.
--------------------------------

Wenn dies so stimmen sollte (was ich bezüglich der Angestellten bezweifle), so wären die ungesicherten Bonds (25-26 Mrd ???) nach der 2 Mrd DIP-Finanzierung und den gesicherten (?) MCI-Bonds (2.6 Mrd???) zusammen mit dem ungesicherten 2.65 Mrd Bankkredit an 3. Stelle.

Rund 5 Mrd sind demnach vor ca. 28-29 Mrd vorrangig. Bei einem (nicht angestrebten!) Liquidationserlös von 10-15 Mrd ergäbe sich eine Quote von 17-34% als Untergrenze für den Wert der Bonds. WCOM will das CH11-Verfahren innerhalb 9-12 Monaten durchführen, was als sehr optimistisch gesehen wird. Übliche Verfahrensdauer angeblich 2 Jahre.

[NPent]

@Topfenpalatschinke @alle

Weist Du ob irgend jemand hier in Deutschland gegen worldcom gerichtlich vorgeht? Bin einer von den geprellten Altaktionären......

Jede Hilfe wäre toll.
Danke

[Topfenpalatschinke]

@NPent

Hatte mich per Boardmail bei Dir gemeldet.

Von einer Bewegung "geschädigte WCOM-Aktionäre Deutschlands vereinigt euch" ist mir nichts bekannt. Halte ich auch für aussichtslos. In USA gibt es jede Menge Sammelklagen, bei denen im Endeffekt nur die Anwälte kassieren. Laut Erfahrungsberichten in US-Boards werden geschädigte Aktionäre mit irgendwelchen Gutscheinen etc. abgespeist. Da kannst Du dann über WCOM günstiger surfen...

Bleibt nichts anderes, als den Verlust abzuschreiben und unter Erfahrung zu verbuchen.

MfG
TP

[Wallgrekk]

Vielleicht gibt es auch einen "Squeeze Out", dann werden die Aktionäre Bar abgefunden...

[Topfenpalatschinke]

Noch ein (spielerischer) Gedanke zu den Bonds:

Die MCI-Bonds notieren bei ca. 40%. Wenn sie vorrangig sind, müßten sie theoretisch 100% wert sein. Hier wäre der (Gewinn-) Faktor 100:40 = 2.5

Überträgt man dies auf die mit 13% notierenden ungesicherten Bonds, erhält man einen Wert von 13* 2.5 = 32.5%

[noch-n-zocker]

Wallgrekk

Falscher Thread, wir reden hier über Worldcom.

[Topfenpalatschinke]

Die Kurse der US-Bonds sind laut www.debttraders.com auf 10-11% gefallen:

(WCOM03USA1) 7.375% 15-Jan-2003 United States Communications 10.625 679.37% Details
(WCOM03USN1) 7.875% 15-May-2003 United States Communications 10.625 647.25% Details
(WCOM03USN2) 6.250% 15-Aug-2003 United States Communications 10.625 421.07% Details
(WCOM04USN1) 6.500% 15-May-2004 United States Communications 10.625 205.02% Details
(WCOM04USR1) 7.500% 20-Aug-2004 United States Communications 37.500 68.27% Details
(WCOM04USR2) 7.550% 1-Apr-2004 United States Communications 10.625 227.71% Details
(WCOM05USN1) 6.400% 15-Aug-2005 United States Communications 10.625 120.50% Details
(WCOM06USA1) 7.375% 15-Jan-2006 United States Communications 13.500 96.90% Details
(WCOM06USN1) 8.000% 15-May-2006 United States Communications 13.500 92.55% Details
(WCOM06USR1) 6.950% 15-Aug-2006 United States Communications 38.000 38.28% Details
(WCOM06USR2) 10.875% 1-Mar-2006 United States Communications 15.000 102.21% Details
(WCOM06USS1) 7.375% 15-Jan-2006 United States Communications 13.500 96.90% Details
(WCOM07USA1) 11.250% 15-Jul-2007 United States Communications 24.750 59.93% Details
(WCOM07USR1) 7.750% 1-Apr-2007 United States Communications 10.625 93.77% Details
(WCOM07USR2) 8.875% 1-Nov-2007 United States Communications 13.500 79.87% Details
(WCOM07USR3) 10.000% 1-Jun-2007 United States Communications N/A N/A Details
(WCOM07USR4) 11.250% 15-Jul-2007 United States Communications 25.500 58.47% Details
(WCOM08USN1) 6.750% 15-May-2008 United States Communications 10.625 82.82% Details
(WCOM08USN2) 7.250% 15-May-2008 United States Communications 10.625 85.86% Details

649935 ist bis auf weiteres vom Handel in Frankfurt ausgesetzt.

[Topfenpalatschinke]

WorldCom Creditors Committee Chosen

AOL Time Warner, EDS and MetLife Among 15 Parties Chosen to Serve on WorldCom Creditors Committee

The Associated Press

N E W Y O R K, July 29 — AOL Time Warner, EDS and MetLife were among 15 parties chosen Monday to serve on the committee that will represent thousands of creditors owed billions of dollars in WorldCom`s bankruptcy.

Also Monday, WorldCom named John S. Dubel as its new chief financial officer and Gregory F. Rayburn as chief restructuring officer for the telephone and Internet service company`s bid to reorganize its debts and operations.

Dubel is replacing Scott Sullivan, the ousted CFO who is expected to face criminal charges in WorldCom`s accounting scandal. He and Rayburn, both principals with the restructuring firm AlixPartners, attended Monday`s creditors` meeting along with WorldCom chief executive John Sidgmore.

The Nasdaq Stock Market, meanwhile, announced that it will delist the nearly worthless shares of WorldCom and its MCI long distance unit. The move, effective Tuesday, was blamed on the bankruptcy case and WorldCom`s inability to stay up-to-date with the federal filings expected of public companies.

The creditors committee was selected from among 51 parties who submitted applications to Carolyn S. Schwartz, the U.S. Trustee handling the WorldCom case for the Justice Department.

The committee would negotiate what portion of their debts the creditors would be repaid when WorldCom emerges from bankruptcy, as well as how much stock in a reorganized WorldCom they might receive in lieu of cash debt payments.

Notably absent from the committee were any of the nation`s major local phone companies such as Verizon Communications, which is owed $121.2 million and whose cooperation is crucial to WorldCom`s ability to operate normally during its bankruptcy reorganization.

Although WorldCom owns one of the world`s biggest communications networks to carry long-distance calls and Web data for its customers, most of that traffic cannot reach its final destination without the local phone lines owned by Verizon, SBC Communications, BellSouth and Qwest Communications.

While there`s no hint of any scandal like the $3.8 billion accounting deception at WorldCom, the inclusion of AOL on the creditors committee was striking since it came a week after the media company disclosed a federal probe into its own bookkeeping.

Another high-profile name chosen for the creditors committee was Electronic Data Systems, a computer services company. EDS relies on WorldCom as one of its biggest customers under an 11-year, $6.4 billion contract signed in 1999.

Last week, EDS warned that it might not be paid as much as $101 million of an estimated $150 million it was owed by WorldCom at the end of June due to the bankruptcy filing.

Others chosen for the committee included: Deutsche Bank AG of Germany, which is owed $240.8 million by WorldCom and is listed as the administrative agent for another three-quarters of a billion dollars in WorldCom bonds owned by other investors; SunTrust Bank, which is listed as a trustee for $1.22 billion worth of WorldCom bonds; and ABN Amro, a Netherlands-based financial company that owns $203.2 million of WorldCom debt and is trustee for an additional $550 million in WorldCom bonds.

It was not immediately clear how much WorldCom owes AOL Time Warner. Metropolitan Life Insurance Co. said it could not quantify its WorldCom debt holdings until its quarterly report next month. According to Thomson Financial BondWatch, MetLife and its subsidiaries owned about $282.6 million in WorldCom bonds as of March 31.

The committee selections came at a meeting in New York organized by the U.S. Trustee.

Sidgmore opened the meeting by trying to reassure the 250 or so lawyers and other creditor representatives on WorldCom`s prospects.

Despite a "crippling" $41 billion debt load and revelations that $3.8 billion in costs were hidden from investors, "underlying those factors, this is a real company with real value," Sidgmore said.

Sidgmore also rejected reports that WorldCom has been losing customers due to worries that the bankruptcy will disrupt service on the company`s telephone and computer data networks.

"We really have not lost any major customers," said Sidgmore. "In the really near term, my goal is to stabilize the customer base."

[Topfenpalatschinke]

U.S. Trustee Names 15-Member WorldCom Creditors Committee

Updated: Monday, July 29, 2002 09:07 PM ET

Dow Jones Newswires

NEW YORK -- The U.S. trustee acting in WorldCom Inc.`s (WCOME, news, msgs)
bankruptcy case on Monday appointed 15 entities to the committee
representing the company`s unsecured creditors.

The committee, which will wield enormous influence on WorldCom`s bankruptcy
proceedings, is dominated by bondholders, which represent WorldCom`s largest
creditors. It includes hedge funds, insurance companies, bond trustees and
WorldCom`s vendor creditors.

Its members are Metropolitan West Asset Management LLLC, Cerberus Capital
Management LP, Blue River LLC, ESL Investments, GSC Partners, Wilmington
Trust Co., Law Debenture Corporate Services Inc., Metropolitan Life
Insurance Co., New York Life Investment Management LLC., Elliott Management
Corp., SunTrust Banks Inc. (STI, news, msgs), Deutsche Bank AG (DB, news,
msgs), ABN Amro Bank NV (ABN, news, msgs), Electronic Data Systems Corp.
(EDS, news, msgs) and AOL Time Warner Inc. (AOL, news, msgs).

The committee has hired the New York law firm Akin Gump Strauss Hauer & Feld
as its legal counsel and Los Angeles-based firm Houlihan, Lokey, Howard &
Zukin as financial adviser, according to Daniel Golden of Akin Gump.

Mr. Golden, who had been representing an informal committee of WorldCom`s
bondholders, said the informal committee was dissolved upon the formation of
the official creditors` panel.

A source at one of the committee members said that representatives from
Cerberus Capital and Blue River are co-chairs of the committee. Officials
for both Cerberus and Blue River weren`t available to comment.

"It`s a pretty diverse group made up of bondholders, banks and trade
creditors. We`ll see how they work to try to find a compromise that meets
everybody`s needs," said an analyst who specializes in distressed debt.

Representation of bondholders, who are WorldCom`s largest creditors with
about $30 billion in debt, make up the lion`s share of the committee, market
watchers said. The committee also includes several distressed-debt
investors, including Cerberus. Many of the par investors were shaken out of
the name when WorldCom debt plunged to the low teens and MCI debt fell to
around 40 cents on the dollar, market watchers said.

The committee members selected Monday will be the drivers of the
restructuring process for the biggest corporate bankruptcy in U.S. history.
The Clinton, Miss.-based telecommunications giant crumbled into bankruptcy a
week ago, brought down by crushing debt, a shortage of cash and an
accounting scandal that rocked investor confidence.

Also Monday, WorldCom named a new chief financial officer and a chief
restructuring officer to oversee its turnaround efforts.

It appointed Gregory F. Rayburn as chief restructuring officer and John S.
Dubel as chief financial officer. Both men are from AlixPartners LLC, a
corporate restructuring company. Messrs. Rayburn and Dubel will report to
John Sidgmore, WorldCom`s president and chief executive officer.

The arrangements with AlixPartners are subject to bankruptcy-court approval.

"These appointments are an important step in moving WorldCom forward. Their
task will be to support our efforts to emerge from reorganization as quickly
as possible with a healthy business focused on its core capabilities," said
Mr. Sidgmore after the two officers` appointment.


-Lingling Wei, Dow Jones Newswires; 201-938-2089; [e-mail];
and Nicole Bullock, 201-938-2039; [e-mail]

[Topfenpalatschinke]

Schau`n ma mal, was beim Creditors Committee für die Bondholder rausschaut... sollte sich im Laufe der nächsten 6-9 Monate ungefähr herausstellen. Vielleicht werden die geschätzten Quoten von 20-40% sogar übertroffen?...

[JosedelaVega]

alles unter 35 % wäre enttäuschend und
nicht akzeptabel

josé

[Topfenpalatschinke]

Bankruptcy Might Whip WorldCom into Shape

The announcement had been expected for weeks. On July 21, WorldCom Inc., the nation`s No. 2 long-distance carrier and top carrier of Internet traffic, declared bankruptcy in New York. The company`s decision to seek protection from its creditors amounts to the biggest Chapter 11 filing in U.S. history and marks an ignominious fall from grace for one of the tech boom`s highest-flying players.

But the WorldCom story is far from over. Assuming its customers don`t abandon it--and CEO John Sidgmore is working overtime to prevent that--the company looks likely to emerge from bankruptcy stronger than ever. The very idea is giving WorldCom`s rivals palpitations. With most of its debt erased--and most of its assets intact--a post-bankruptcy WorldCom would be in a position to slash its prices and grab share, inflicting more pain on a sector already suffering from a vicious price war and overcapacity. "This is anything but positive for the industry," says Credit Suisse First Boston analyst Daniel P. Reingold.

Like many of WorldCom`s rivals, he believes the industry would be better served by consolidation. Long-distance carriers and Baby Bells alike have eyed WorldCom`s assets, and most would like to see the company split up and sold off.

But it`s not up to the industry. What happens next will depend largely on WorldCom management and its bondholders, both of whom are expected to fight tooth and nail to keep the company together. While its lenders had the upper hand before WorldCom filed for bankruptcy, now the power has shifted to the bondholders, say people close to the action. That`s because they hold most of WorldCom`s outstanding debt--$29 billion to the banks` $2.65 billion. Moreover, the bank loans were unsecured, which puts lenders in the same category as suppliers--near the back of the queue. "Lenders will get a few seats for appearances` sake, but the bondholders will call the shots," says an attorney representing one of them.

That`s how it looks now, although things could change as the bankruptcy goes forward. As it stands, WorldCom officially has 120 days to negotiate a reorganization plan with bondholders, banks, and other creditors. But the process is expected to take a minimum of nine months because dozens of different parties--bondholders, lenders, and vendors--are angling to retrieve a total of $41 billion. The bondholders favor a debt-equity swap, since gaining a stake in a healthy, ongoing business with a clean balance sheet is their only hope of getting any of their money back. They will dominate the creditors committee, although the lenders and vendors must be appeased, and they won`t go quietly.

Moreover, the process could be derailed by the discovery of more accounting irregularities, which might prompt creditors to demand that the judge replace company negotiators with an independent trustee. Already, creditors are pushing hard to oust Sidgmore, though for the moment his job is safe, thanks to strong support from the board of directors. "It`s not that we think Sidgmore has done anything wrong," says a creditor. "We just want a fresh start, someone not associated with the current mess."

So what is likely to be hived off to raise cash? The various parties are likely to agree to sell off such unprofitable assets as its wireless resale and SkyTel Corp. paging businesses. However, the company and its bondholders are expected to fight mightily to hang on to three core assets: worldwide data network UUNET, WorldCom`s corporate-long-distance business, and consumer-long-distance company MCI Group. While MCI`s revenue is expected to fall an additional 15% to $8.3 billion this year, the company still accounts for 24% of WorldCom`s revenue. WorldCom wants to keep MCI because it`s a cash cow and any likely buyer would yank its long-distance traffic from WorldCom`s network.

For its part, UUNET represents 30% of the U.S. Internet traffic. The likes of AOL Time Warner (AOL ), Nasdaq, and FedEx Corp. (FDX ) use UUNET for everything from virtual private networks to Web hosting to Internet access. While growth has slowed sharply since the boom years of the late `90s, data and Internet services are expected to be up 5% to 10% overall next year, with international business surging the most, up 14%, according to Reingold. That`s made UUNET, with sales of $4.7 billion, the most promising part of the company. Executives and the bondholders believe a revitalized WorldCom could be built around MCI and UUNET.

Key to their strategy, of course, is convincing WorldCom customers to stay the course. Big corporations don`t like switching data or long-distance carriers because of the potential disruption to their operations. Still, some are clearly spooked. Apple Computer (AAPL ), CNET Networks (CNET ), and Logitech (LOGI ) have all shifted some of their business from WorldCom to Sprint (FON ) and AT&T (T ). Says Sprint Corp. CEO William T. Esrey: "We`re picking up substantial business--literally daily." And WorldCom recently lost out on a multibillion-dollar contract to revamp the federal flight control system. "It feels like we`re getting kicked in the gut," says Jerry A. Edgerton, WorldCom`s longtime vice-president of government markets. "Every day it gets harder to win a new government contract." If the departures become an exodus that could mean big trouble. Friedman, Billing, Ramsey Inc. analyst Susan Kalla calculates that WorldCom could withstand no more than an 8% drop in revenue from departing customers. Much more, and "they`d be toast for sure," she says.

That explains why Sidgmore and other top execs are each making reassuring calls to up to 20 corporate customers a day. Company salesmen also remain on the offensive. They`re offering customers as much as $30,000 as a signing bonus to stay on, according to Sprint and AT&T. And they`re matching whatever terms those two rivals are offering. The blitzkrieg seems to be working so far. Sprint and AT&T execs say they haven`t yet managed to shake loose any of WorldCom`s prize customers.

If WorldCom retains its customer base and manages to emerge from bankruptcy intact, its prospects are excellent, say analysts. Not only would it be virtually debt-free, but by then the company would have shed tens of thousands of jobs, thanks to pre-bankruptcy cuts and the sale or dismantling of some unprofitable units. Moreover, as part of the restructuring, WorldCom says it will shut down underutilized networks, saving millions in operating expenses. And because the company won`t be adding capacity, it will be able to cut capital expenditures from $2.5 billion today, to some $500 million. The result: one mean, lean competitor. First, though, WorldCom must get through the bankruptcy in one piece.

By Charles Haddad in Atlanta, with Roger O. Crockett in Chicago and Heather Timmons in New York

[K1K1]

@TP

es wird interessant, ob WorldCom in der Lage sein wird, den "Laden" zusammenhalten zu können. Im "Normalfall" wäre das wohl nur eine 50:50 Chance. Da aber eine recht potente Liste von Gläubigern (fehlt eigentlich keine grössere Adresse) vorhanden ist, dürften das entsprechende Interesse und Durchschlagsvermögen vorhanden sein, WorldCom durchzuboxen.

Kurse der 2011 & 2031 (die liquidesten) liegen z.Zt. bei 14,625.

Warum die 2008er an der Böres nicht gehandelt wird ist mir schleierhaft.

Grüße K1

[spekulump]

@K1

Könntest Du netterweise die WKNs der Bonds reinstellen ?

Besten Dank

-SL-

[K1K1]

@spekulump

die WKN’s sind 649944 (2011 USD) und 649945 (2031 USD) - allerdings werden diese nicht an einer deutschen Börse gehandelt.

Grüße K1

[noch-n-zocker]

k1

Die Begründung der Dt. Börse lautet schlicht und ergreifend "die Bonds sind ausgesetzt, weil sie an der Heimatbörse Luxemburg ausgesetzt sind". Eine Begründung hierfür wiederum gibt es meines Wissens nicht, ist den Frankfurtern aber auch egal. Falls jemand Kontakt zur Börsenaufsicht in Luxemburg hat, wäre ich an deren Begründung für die Aussetzung schon interessiert.

[Müpfi]

Was ist los?
Ist der Kurs in Deutschland ausgesetzt?
Warum wird nicht mehr gehandelt?


Müpfi

[Plutokrat]

Könnte es sein, daß Emittenten für eine Notiz in Luxemburg bezahlen müssen, und daß Worldcom wegen der Insolvenz nicht mehr zahlt? Nur eine Spekulation meinerseits...

Pluto

[noch-n-zocker]

Das sollte Aufgabe der Emissions-Bank sein. Ich hab eben mal bei SSB angerufen, die finden hoffentlich den Fehler.

[Topfenpalatschinke]

09.08.02 08:44

WorldCom: Weitere 3,3 Mrd. Dollar falsch verbucht

Die bankrotte WorldCom Inc., die zweitgrößte Telefongesellschaft für
Fernverbindungen in den USA, teilte am Donnerstag mit, dass sie weitere 3,3
Mrd. Dollar falsch verbucht hat, womit sich der Bilanzskandal auf über 7
Mrd. Dollar nahezu verdoppelt.

Das Unternehmen, das zunächst falsch verbuchte Ausgaben in Höhe von 3,85
Mrd. Dollar enthüllte, könnte zudem Goodwill-Abschreibungen sowie
Abschreibungen auf immaterielle Anlagewerte in Höhe von 50,6 Mrd. Dollar
tätigen. Darüber hinaus wird man eine Neubewertung seiner Immobilien,
Anlagen und Ausrüstung vornehmen.

Eine derart hohe Sonderbelastung kann bisher nur der Medienkonzern AOL Time
Warner Inc. vorweisen, der im ersten Quartal 2002 rund 54 Mrd. Dollar
abschreiben musste. Dies entspricht beispielsweise dem Bruttoinlandsprodukt
von Ungarn oder der Tschechischen Republik, so die OECD.

Bei den nun zusätzlich entdeckten 3,3 Mrd. Dollar handelt es sich um Gewinne
vor Zinsen, Steuern und Abschreibungen, die zwischen 1999 und dem ersten
Quartal 2002 nicht korrekt in der Bilanz ausgewiesen wurden.

Wie der Konzern weiter bekannt gab, wird er seine Ergebnisse für 2000 nun
neu darlegen.
-------------------------------------

Meine Meinung: Damit ist WCOM nun auch offiziell überschuldet. An der Einschätzung der Bonds sollte sich dadurch nichts ändern.

Darüber hinaus wird man eine Neubewertung seiner Immobilien,
Anlagen und Ausrüstung vornehmen.

Die erstellen wahrscheinlich eine komplett neue Bilanz und schmeißen die alten Bilanzen weg. Wird interessant werden, wie die Anlagen, Immobilien etc. nun bewertet werden. Nach allgemeinen Schätzungen soll alles zusammen etwa 15 Mrd. wert sein. Nach der Neubewertung wird man dann eine Lösung der Schuldenfrage verhandeln können. Vermutlich voller debt-equity-Tausch, d. h. die Bonds werden zu 100% in Aktien umgetauscht?

[Plutokrat]

Wenn man sich das Kursblatt der Börse Luxemburg ansieht, dann sieht man jede Menge ausgesetzte Anleihen, u.a. von Argentinien, Stadt und Provinz BA, der Elfenbeinküste, alte Ecuadoranleihen, Brokat, Ifco, Enron, KPNQwest, SairGroup usw. was nahelegt, daß alle wegen Zahlungsunfähigkeit ausgesetzt sind. Im Kursblatt vom 05.08.02 wird die Aussetzung von drei Callahan-NRW-Anleihen bekanntgegeben. Begründung ist die Zahlungsunfähigkeit, die Aussetzung gilt bis auf weiteres. Daher glaube ich nicht, daß sich an der Aussetzung der Worldcom-Anleihen in Luxemburg bald etwas ändern wird. Wenn die Frankfurter die Aussetzung in Luxemburg als Grund für eine eigene Aussetzung sehen, dann wird sich wohl auch daran so schnell nichts ändern. Interessant finde ich in diesem Zusammenhang allerdings, daß die Brokat-Anleihe in Berlin gehandelt wird obwohl sie in Luxemburg ausgesetzt ist. In Posting 29 habe ich ja bereits auf die angekündigte Wiederaufnahme des Handels der Worldcom-Anleihe in Berlin hingewiesen, die dann doch nicht kam. Vielleicht sind aber die Berliner eher von einer Wiederaufnahme zu überzeugen als die Frankfurter.

[noch-n-zocker]

Plutokrat

Vielen Dank für den Hinweis. Ich habe mittlerweile auch erfahren, dass in Luxemburg grundsätzlich alle defaulteten Bonds ausgesetzt werden "um die Anleger zu schützen".

Aber an Brokat und die Argies habe ich nicht gedacht, die auch in Luxemburg ausgesetzt sind. Salomon fragt jetzt nach, ob es was bringt, wenn die Luxemburger Worldcom-Notiz einfach gelöscht wird. Dann könnte sich Frankfurt nicht mehr auf die Kursaussetzung berufen.

[Palladium]

Deutsche Bank im Besitz von 11,3 Prozent der WorldCom-MCI-Aktien
Washington (vwd) Die Deutsche Bank AG, Frankfurt, hält 11,3 Prozent am Aktienkapital der WorldCom Inc - MCI Group, Clinton. Per Ende Juli verfügte die Großbank über wirtschaftlichen Nutzen an 13.397.393 Stammaktien an der operativen Tochtergesellschaft der WorldCom Inc, wie aus einer Mitteilung 13G vom Montag an die US-Börsenaufsicht SEC hervorgeht. Beide Gesellschaften beantragten am 21. Juli Gläubigerschutz nach Chapter 11 des US-Insolvenzrechts. Unter der Form 13G werden passive Beteiligungen an Unternehmen mitgeteilt.


vwd/DJ/12.8.2002/rio/nas

12. August 2002, 20:18

[noch-n-zocker]

Damit sind natürlich auch alle Aktien erfaßt, die sich in Depots bei der Deutschen Bank befinden. Gleichwohl bin ich überrascht, wie stark sich deutsche Zocker in dem Wert engagiert haben.

[noch-n-zocker]

War doch klar, dass die Meldung aus #52 falsch sein mußte.



In der Meldung (L12249760) "Deutsche Bank hält 11,3 Prozent an WorldCom-Konzern" muss es im ersten Satz richtig heißen: Die Deutsche Bank<DBKGn.DE> hält rund 11,3 Prozent an einem vom insolventen US-Telekom-Konzern WorldCom Inc<WCOEQ.PK> begebenen Tracking-Stock (korrekt).
(Stellt klar: Anteil der Deutschen Bank bezieht sich auf den Tracking-Stock und nicht auf den WorldCom-Konzern)
Eine berichtigte Wiederholung folgt.

Washington/Frankfurt, 12. Aug (Reuters) - Die Deutsche Bank<DBKGn.DE> hält rund 11,3 Prozent an einem vom insolventen US-Telekom-Konzern WorldCom Inc<WCOEQ.PK> begebenen Tracking-Stock (korrekt).
Diese Beteiligung errechnet sich aus dem Deutsche-Bank-Bestand von 13,4 Millionen Stammaktien eines Tracking-Stock der WorldCom-Tochter MCI Group<MCWEQ.PK>, den das Institut am Montag der US-Börsenaufsicht SEC bekannt gab. Tracking-Stocks zeichnen als handelbare Wertpapiere den Kurs einer zu Grunde liegenden Aktie nach. Auf Basis des aktuellen Kurses liegt der Wert der Beteiligung bei rund drei Millionen Dollar. Ein Sprecher der Deutschen Bank wollte keine Details zum Kaufpreis der Aktien und dem Zeitpunkt der Handels-Transaktionen nennen.
Unternehmen oder Personen, die mehr als fünf Prozent an einem Unternehmen halten, müssen dies der SEC mitteilen. Der späteste Zeitpunkt für die Bekanntgabe des Bestandes ist Mitte Februar des Folgejahres. WorldCom hatte nach aufgedeckten Bilanzmanipulationen in Milliardenhöhe im vergangenen Monat Gläubigerschutz beantragt.
Die nicht mehr an der Nasdaq notierten WorldCom-Papiere tendierten am Montag außerbörslich bei 0,128 Dollar. MCI-Titel lagen bei 0,24 Dollar.
lex

Monday, 12 August 2002 23:54:23
ENDS [nL12249760]

[Topfenpalatschinke]

Ein ziemlich langer Artikel über notleidende Unternehmensanleihen, in dem auch WorldCom vorkommt:
--------------------------------------
August 19th, 2002

Distress Call

Smart investors are picking through the market carnage in search of bargain bonds

By ANDREW BARY

The failure of highfliers like WorldCom, Enron and Adelphia has struck fear in the hearts of many investors, raising worries about the stability of corporate America as a whole. But for one intrepid group of investors, grand-scale collapses like this signal opportunity. Right now these vulture investors are swooping in to buy bonds issued by the aforementioned companies as well as debt from ailing outfits in the telecommunications, cable TV, airline and power sectors. To some vultures, this looks like the kind of buying opportunity that comes along only once in a decade.

"There are so many situations to pick through," says David Feinman, a managing director at Societe Generale, who trades high-yield and distressed debt. "For the intelligent, long-term investor, there is some real opportunity."

The optimists say the current environment bears a resemblance to late 1990, when Citicorp, Chrysler and a host of banking and industrial companies were on the rocks. That set the stage for a phenomenal rebound for the junk-bond market. In fact, in 1991, the Merrill Lynch High Yield index surged 34%.

The table on the next page shows a bevy of situations, ranging from outright bankruptcies, such as WorldCom, to companies like AOL Time Warner and AT&T Wireless that still possess high-grade credit ratings but whose debt yields over 10% following the sharp selloff in the corporate bond market in June and July.

Many investors are tempted to buy the stocks of downtrodden cable, telecom and airline companies, but buying the bonds could be a better play. Those intrigued by WorldCom and Adelphia, for instance, probably would do better to buy their bonds than their stocks, which still trade actively at 10 to 15 cents a share. While those share prices look very cheap, if prior bankruptcies are any guide, WorldCom and Adelphia equity holders may be completely wiped out in bankruptcy proceedings.

But Adelphia`s senior debt, trading for under 30 cents on the dollar, offers huge potential returns. Adelphia`s fans maintain that the senior debt could be paid off in full once the company emerges from bankruptcy, possibly in 2003 or 2004. If so, investors brave enough to buy the senior debt now could more than triple their money. Another way to go is the company`s convertible debt, which is junior to its senior public debt and trades for just five cents on the dollar. The converts are dicier, however. They could be worth a multiple of their current price; they could also get wiped out.

Clearly, there is danger in this game. Just look at what happened to the many distressed-debt and junk-bond funds that bought WorldCom and Adelphia debt a few months ago. A lot of "smart" money figured that WorldCom bonds were a steal at 50 cents on the dollar and that Adelphia debt was a bargain at 70 cents on the dollar. WorldCom bonds now trade around 13 cents on the dollar and Adelphia at 28 cents. During July, the distressed debt market fell sharply as the energy sector collapsed. Bonds issued by Williams Cos., Mirant, AES, and Dynegy were down as much as 50%.

The latest disasters include debt-laden insurer Conseco, which is on the verge of default. US Airways filed for bankruptcy; its bonds are now so thinly traded that it`s hard to find a reliable price. And loss-plagued UAL, parent of United Airlines, with bonds trading at 20 cents on the dollar, may be the next entrant into Chapter 11 proceedings.

Buyers of distressed debt and other depressed bonds argue that returns are likely to compare very favorably with the stock market in the coming years. "These aren`t no-brainers, because no-brainers don`t carry these kind of yields," says Ross Margolies, who runs the Salomon Brothers Capital fund. "But the risk-reward is as good as you`ll find anywhere in the market." Margolies is staying away from the riskiest parts of the market and is focused on debt issued by the likes of AT&T Wireless and telecom equipment maker Ciena. Margolies` $1.1 billion fund focuses on stocks, but it now has a 10% weighting in depressed debt. That`s up from 3% a year ago.

Another opportunistic equity manager, Marty Whitman, who runs the $2.6 billion Third Avenue Value fund, also has a 10% weighting in distressed debt, including WorldCom, Adelphia and Qwest Communications. "It`s a very attractive area," says the 76-year-old Whitman, who`s a veteran of many corporate debt restructurings in his long career.

It`s notable that Warren Buffett has been attracted to the distressed bond market lately, as Berkshire Hathaway bought $100 million of a new $500 million convertible debt offering issued by Level 3 Communications, a struggling telecom provider. Level 3`s chairman, Walter Scott, is Buffett`s buddy and a member of Berkshire`s board of directors. Berkshire, controlled by Buffett, is rumored to have already been a holder of Level 3`s senior debt, which rallied on news of the Berkshire investment. Berkshire also has been mentioned as a buyer of Qwest Communications debt.

Berkshire offers a diluted way to play the distressed sector because Buffett has used the firm`s cash-laden balance sheet to snap up assets from motivated sellers. Mid-American Energy, controlled by Berkshire, just bought gas pipeline assets from Dynegy for nearly $1 billion. Berkshire purchased the bankrupt Fruit of the Loom earlier this year for $730 million and bankrolled a big loan to Finova, a struggling commercial finance company, last year.

Liberty Media, controlled by John Malone, is another backdoor way to play the distress market and gain exposure to the entire beaten-down media and telecom sector, given such Liberty investments as AOL Time Warner and News Corp. Liberty shares trade at 8, a discount to the value of its assets. Under Malone`s direction, Liberty is heavily involved in the reorganization of a European cable TV outfit, United Pan-Europe Communications. Liberty has modest debt, which gives the deal-driven Malone the ability to capitalize on distressed cable and telecom situations.

The distressed-debt market used to be an obscure sector of the financial markets dominated by hedge funds, which are private investment partnerships geared toward wealthy individuals and institutional investors. Big funds that specialize in distressed debt include Appaloosa Management, based in Chatham, N.J.; GoldenTree Asset Management and Angelo Gordon in New York, and Oak Tree in Chicago. Some funds are suffering this year, including Appaloosa, which was down 11% through June after surging 66% in 2001. Appaloosa is believed to have declined further in July. GoldenTree, which gained 18% after fees in 2001, is down about 1% this year.

Even with the burgeoning size of distressed-debt funds in recent years, their estimated capital of $20 billion to $30 billion has been overwhelmed by the size of recent bankruptcies and financial implosions. WorldCom alone had $32 billion in debt; Adelphia has $18 billion in debt and preferred stock. A little-known disaster, NTL, a British cable-TV operator operated out of New York, filed for bankruptcy in May after quietly amassing $20 billion of debt. Qwest, which owns U.S. West, the Baby Bell, is laboring under the burden of $26 billion of debt amid speculation it may be forced to file for bankruptcy protection by year end.

Corporate bond defaults, meanwhile, hit a quarterly record of $42 billion in the second quarter, according to Moody`s Investors Service. The Moody`s data understates the magnitude of defaults because it excludes bank debt.

Individuals can buy distressed debt and other corporate bonds directly through their brokers. Some corporate bonds are listed on the New York Stock Exchange`s bond listings, while others trade like stocks on the Big Board itself, typically in increments of $25. Preferred stock, senior to equity but subordinate to debt, also trades on the NYSE.

Most bond trading occurs in an over-the-counter market, which is dominated by institutions. Bonds trade in increments of $1,000 although "round lots" typically are $100,000 or $1 million. Individuals can pay sizable mark-ups to buy and sell amounts less than round lots. It`s important to recognize that interest generally isn`t paid to bondholders of bankrupt companies.

Junk-bond funds often have exposure to the distressed-debt market, having been hard hit by the collapse in the telecom and cable sector. One of the most aggressive funds, Fidelity`s Capital & Income fund, is off 17% this year, hurt by cable and telecom investments. The junk market, as measured by the Merrill Lynch High Yield Master index, is down 8% this year and has returned minus 1% annually since the end of 1997, marking the worst stretch since the index began in 1985.

In many bankruptcies, stockholders get wiped out as bonds get turned into equity or a combination of cash and new stock. "A reorganization is the mirror image of a leveraged buyout," Whitman says. "In an LBO, you`re leveraging up a company to take it private. In a reorganization, you`re reducing leverage to take the company public."

In buying distressed debt, investors are frequently looking to buy equity on the cheap. For example, at a current price of 28 cents on the dollar, Adelphia`s senior debt effectively enables investors to buy the company`s cable systems for about $1,500 per subscriber. Cable stocks like Comcast, Charter Communications, Cox Communications and Cablevision Systems still carry valuations of $2,000 to $3,000 per subscriber when factoring in their debt. Adelphia bonds effectively trade for about six times projected 2002 pre-tax cash flow, while the other major cable companies generally trade for 10 times cash flow.

Adelphia bondholders could benefit if unsecured creditors can successfully disqualify all, or part, of the $3 billion of bank loans to the Rigas family that were guaranteed by Adelphia. The loans to the Rigases, who controlled the company, weren`t disclosed publicly until this year.

Last week, a group of unsecured creditors asked the bankruptcy court to block $300 million in payments to Adelphia`s banks because of the Rigas issue. Adelphia has $7 billion of bank debt, including the $3 billion of Rigas-related loans, which all is senior to the $7.5 billion of senior public debt and the $1.5 billion of convertible securities. If any of the bank debt gets eliminated, all the junior creditors would be helped.

At current prices, WorldCom`s debt values the company at around $5 billion, based on $32 billion of debt multiplied by 0.15, the average debt price. Some Wall Street analysts believe WorldCom is capable of generating $4 billion or more of pretax cash flow once it emerges from bankruptcy, possibly in 2004. (Cash flow is defined as earnings before interest, taxes, depreciation and amortization.) If that estimate proves correct, WorldCom debt probably is a steal because the company is valued at just over one times projected 2004 cash flow, while the telecom part of AT&T has an implied valuation of about four times estimated 2002 cash flow.

It`s admittedly difficult to project WorldCom`s 2004 cash flow given the accounting fraud at the company and potential erosion in its business during the next two years. Yet Alan Mintz, a bond analyst at Bear Stearns, thinks WorldCom isn`t going to disappear and may emerge with $4 billion to $5 billion in annual cash flow, which could translate into bond prices of 40 cents to 50 cents on the dollar -- way above current levels.

Telecom bankruptcies often have been a disaster for bondholders because recovery values in such cases as Winstar Communications and Teligent have been about zero. But Mintz argues that Worldcom is no Winstar. "This is a company with $30 billion in revenues," Mintz says. "It has a right to life and a place in the marketplace." WorldCom`s annualized cash flow based on first-quarter results is about $5 billion. Assuming the company isn`t liquidated, the reorganized company may have 15% to 30% of its current debt, with bondholders participating in a giant debt-for-equity swap. If the company is liquidated, bondholders could still get paid more than the current price of the debt.

The pending reorganization of NTL, which amassed three million British cable-TV subscribers after a debt-financed acquisition spree in the 1990s, could serve as a model for WorldCom and Adelphia. NTL reached an agreement with its creditors in May in which about $6 billion of its most senior debt, generally held by its banks, will remain outstanding. About $9 billion of public debt will be swapped for equity and another $2 billion of subordinated debt will get paid off in cash at about 17 cents on the dollar. If the reorganization plan is approved by the U.S. bankruptcy court in New York next month, NTL could reemerge as a public company by October and its equity will trade again on the Big Board.

NTL`s senior debt has been crushed in the past six weeks, falling to about 15 cents on the dollar from 40 cents, due in part to the sharp drop in U.S. cable valuations, as well as company-specific concerns that include low margins, negative cash flow after capital expenditures and a reliance on telecom services. Investors are also concerned that NTL may need significant additional financing to achieve positive cash flow.

NTL`s current enterprise value is about $7.5 billion, roughly seven times projected 2002 pre-tax cash flow (before capital expenditures). The enterprise value reflects the $6 billion of senior debt in the new entity and the projected value of the company`s equity of about $1.5 billion based on current bond prices. The U.S. cable industry now trades around 10 times 2002 cash flow. NTL bulls argue that it deserves a higher valuation, while skeptics argue that the company is fundamentally worse than its U.S. peers and thus merits its current discount.

Qwest Communications` stock has collapsed this year, falling 87% to 1.90, and its bonds also have fallen sharply. There are two main groups of Qwest debt: bonds issued by the old U.S. West and bonds issued by the holding company, which generally are labeled Qwest Capital.

The old U.S. West debt, like the 8[frac78]s of 2012, trade around 75 and yield 13%, while the Qwest holding company bonds, such as the 7.90s of 2010, languish at about 45 and yield 23%. The U.S. West debt trades at a premium because it has a first claim on the Baby Bell`s still-ample cash flow. The holding company`s debt amounts to a second lien on U.S. West and a first claim on other Qwest assets, primarily its directories business and the so-called Classic Qwest, the original fiber-optic business of Qwest.

Qwest has been tarred by accounting scandals and faces a liquidity crunch as it seeks to renegotiate bank-credit facilities. Yet some investors think its debt looks very attractive. "There`s no doubt in my mind that [U.S. West] bonds are money good," says Don Morgan, a senior managing director at Mackay Shields, which runs the Mainstay High-Yield fund.

Morgan says U.S. West`s debt of roughly $10 billion is supported by over $5 billion in annual pre-tax cash flow. This valuation at two times cash flow is less than half the equity valuations of the Baby Bells, Verizon Communications, SBC Communications, and BellSouth, which trade for around five times pre-tax cash flow.

The Qwest holding company debt is dicier, but Morgan believes it could be worth well in excess of the current price. Here`s why. The holding company has roughly $18 billion of debt. The directories business alone could be worth $7 billion, or close to the current value of the debt. Then there is the residual value of U.S. West and the fiber-optic business. Qwest also holds a $2 billion inter-company note from U.S. West, which likely is sound. "At 45 cents on the dollar, the upside is much greater than the downside," Morgan says.

Even with Warren Buffett`s support, it`s tough for some investors to justify Level 3`s current debt prices of about 60 cents on the dollar and its equity market value of $2 billion. Level 3 stock trades around 5. The company has an enterprise value, debt and equity, of $8 billion, but just $100 million of second-quarter pre-tax cash flow.

The cable TV sector is rife with opportunity and risk. Charter Communications` seven-year bonds trade for 61 cents on the dollar and yield 19% amid ongoing speculation about whether billionaire Paul Allen, who controls over half of Charter`s equity, will come to the rescue of the highly leveraged company. Charter is projected to end 2002 with $18 billion of debt outstanding.

Charter debt has rallied about 10% following a recent filing in which Allen disclosed that he may purchase Charter debt, or even take the company private. Some investors consider it unlikely that Allen will bail out Charter shareholders by injecting new equity into the company because that investment would sit behind Charter`s debt.

A more likely option would be for Allen to buy Charter bonds and then swap those bonds for equity in order to shore up Charter`s balance sheet. Indeed, there`s speculation that Allen lately has been accumulating Charter debt for that purpose. Nextel Communications has done debt for equity swaps to bolster its balance sheet using its cash on hand.

Cablevision Systems, which controls three million cable TV subscribers in the New York City area, has seen its stock and bonds fall lately amid fears about its high debt load and its ability to fund a projected operating deficit next year.

Wall Street had expected the insular company, controlled by the Dolan family, to present a detailed financial plan to address the funding issue at an eagerly anticipated investor meeting earlier this month. But the Dolans`s proposal fell short on details and the performance of the company`s chief executive, Jim Dolan, the son of founder and chairman, Charles Dolan, was deemed a disaster.

Cablevision`s bonds, like the 91/8s of 2009, now trade for 70 and yield 15.5% while the company`s preferred stock, such as an 111/8% issue due in 2008, now trades in the low 40s and yields over 30%. Cablevision bulls believe that while the company has over $8 billion of debt and preferred stock, the value of its three million cable subscribers, as well as assets such as the New York Knicks, Rangers and the MSG TV network, should easily cover the load.

One enticing play is high-grade bonds that trade at junk-like yields. Salomon Brothers` Margolies likes AT&T Wireless debt, such as the 7[frac78]% bonds due in 2011, which trade for 75 and yield 13%. AT&T Wireless, the No. 3 wireless company in the U.S. with 20 million subscribers, has a moderate debt load of $7 billion and generates ample cash flow. But the company has been hurt by concerns about its heavy capital expenditures and the investor flight from the wireless sector. Margolies notes that AT&T Wireless believes it has enough cash to fund itself until it can generate free cash flow in late 2003 or 2004.

Margolies also is partial to Ciena`s 3¾% convertible bonds due in 2008, which change hands at 60 and yield 15%. Ciena, a maker of telecom equipment, has junk-grade ratings, but its balance sheet looks strong with $2.4 billion in cash and just $1 billion of debt. Ciena could retire its debt with cash on hand, and Margolies thinks the company could be a takeover target for Cisco Systems.

Steve Tananbaum, chief investment officer at GoldenTree, says one of the best situations is AOL Time Warner, whose intermediate-term debt yields more than 10%. "We`re very comfortable with the leverage at AOL Time Warner," he says, noting that the company has about $30 billion of debt, roughly $10 billion in pretax cash flow, positive earnings and a valuable group of businesses. The company has been battered by accounting concerns, yet Tananbaum deems them immaterial in a company with $40 billion of revenues. AOL Time Warner`s 91/8% bonds due in 2013 trade for about 86 and yield 11.50%. Tananbaum thinks that yield will stack up well against the future returns on the stock market, especially when adjusting for risk.

In the tech sector, the bad news is that many companies are struggling. The good news is that debt levels generally aren`t excessive.

Take Lucent Technologies. It has nearly as much cash -- $5.4 billion -- as it does debt and preferred stock -- $6.8 billion. Lucent`s long-term debt, however, yields around 15% and its 8% convertible preferred stock trades for 40 cents on the dollar and yields over 20%. Lucent is expected to lose about $2.4 billion, or roughly 70 cents a share, in fiscal 2002 (ending September 30), on $13 billion in sales, and to operate in the red in the next fiscal year. But the company is expected to end fiscal 2003 with $2 billion in cash, buying it time until an upturn comes in the telecom equipment sector. Lucent`s senior debt could be money good and its preferred, at a minimum, offers a high-yielding alternative to Lucent`s common stock, trading around $1.50.

Lucent`s rival, Nortel Networks, also is on the ropes. Nortel is expected to lose money in 2002 and 2003, and its stock trades for just under $1 a share. Nortel`s balance sheet doesn`t look bad with $5 billion of debt and nearly $5 billion of cash. Yet its 4.25% convertible debt trades for under 40 and yields 24%. That issue could offer a favorable risk/reward in anything short of a disastrous bankruptcy.

Airline debt has come under pressure following the US Air bankruptcy as investors despair about the industry`s prospects. UAL`s unsecured debt trades at about 20 cents on the dollar, and its exchange-traded preferred stock is down to $3 a share, providing a yield of 100% based on $3 a share in annual dividends. UAL stock is at $3. The market clearly is saying that UAL won`t meet its preferred dividend payments and will provide unsecured bond investors with little recovery value in a bankruptcy.

Bonds of the more solvent carriers, including AMR, parent of American Airlines, and Delta Air Lines, also have been hit. Delta`s 7.90% bonds due in 2009 trade around 65 and yield over 15%; AMR`s 9s of 2012 trade for a similar price and yield.

Some investors favor airline equipment trust certificates, which are secured by planes. These bonds yield anywhere from 7% to over 10%, depending on the type of plane and bond structure. Mackay-Shields`s Don Morgan doesn`t take a lot of comfort in the equipment trust certificates, given the industry`s woes. He says airline bulls ought to consider the unsecured debt of Delta Air Lines or Northwest Airlines. "If those bonds don`t work, the whole industry is bankrupt," he says, adding that a bankrupt industry may not be able to support current lease payments.

Many investors have also been taking a hard look at the power sector, including Marty Whitman of the Third Avenue Value fund. He`s intrigued by AES, which owns a network of power plants around the world. Its debt trades in the high 40s. Others are eyeing Dynegy and its subsidiaries. Like the rest of the distressed debt market, the power sector is rife with opportunity and risk.

[Topfenpalatschinke]

Im folgenden Artikel findet sich ein Hinweis für einen debt-equity-swap nächstes Jahr. Die Anleihe 649935 ist in Frankfurt weiterhin vom Handel ausgesetzt.

----------------------------
WorldCom Says Restatements Won`t Hinder Restructuring (Update3)
By Jeff St.Onge

Ashburn, Virginia, Sept. 19 (Bloomberg) -- WorldCom Inc.`s chief restructuring officer said financial restatements won`t adversely affect the telephone company`s ability to reorganize and emerge from bankruptcy.

``The earnings restatements have no real connection to our ongoing business, our reorganization or our viability,`` said Greg Rayburn, hired by WorldCom to help lead the company through its Chapter 11 filing. ``It`s not like we`re a retailer that found $100 million in inventory missing. The restatements never had a cash impact on WorldCom.``

WorldCom in July filed the biggest-ever Chapter 11 case after revealing it hid $3.85 billion in costs to inflate sales. The Clinton, Mississippi-based company later disclosed an additional $3 billion of accounting errors, bringing the total restatement to about $7 billion.

WorldCom may add another $2 billion in restatements, the Wall Street Journal said, citing people close to the matter.

Rayburn, in an interview from his Ashburn, Virginia, office, wouldn`t confirm the $2 billion restatement or whether the company would further restate past results. He said he`s more concerned with WorldCom`s future.

``Reorganization is very much a forward-looking exercise,`` Rayburn said. Nothing in the past ``will affect our products and services and how we deliver them.``

Recovery Plan

Negative public relations might be WorldCom`s biggest problem if it discloses further accounting problems, a bankruptcy expert said.

``An earnings restatement could shake the confidence of employees, customers and suppliers,`` said Peter Chapman, of Bankruptcy Creditors Service Inc. ``Otherwise it won`t have any impact on WorldCom`s ability to emerge from Chapter 11.``

WorldCom, the second-largest U.S. long-distance phone company, hopes to file a bankruptcy recovery plan by March 31 with creditors getting shares in the reorganized company.

WorldCom doesn`t plan to sell major assets during bankruptcy reorganization, Rayburn said. Those assets include the MCI long- distance business and the Uunet data and Internet service.

Creditors might not recover as much of the more than $41 billion they`re owed as a result of the earnings restatements, said Patrick Murphy, a San Francisco bankruptcy lawyer.

``What WorldCom is worth is a function of how much cash it throws off`` today and in the future, said Murphy. ``The restatements won`t force a liquidation. The question is the size of the pie and what people believe it to be.``

SkyTel

WorldCom may sell parts of its SkyTel paging business, its MMDS fixed-wireless service and interests in overseas telephone network operations, including those in Japan and Latin America, Rayburn said. WorldCom`s largest asset sales probably will be real estate the company owns or leases, Rayburn said.

Brad Burns, a WorldCom spokesman, declined to comment on whether the company would announce another financial restatement.

WorldCom said in a statement on Aug.8, when it announced the $3 billion in additional misstated expenses, that ``additional amounts of improperly reported`` earnings before interest, taxes, depreciation and amortization and pretax income ``may be discovered and announced.``

KPMG LLP replaced Arthur Andersen LLP as WorldCom`s auditor in May. A federal grand jury has indicted former Chief Financial Officer Scott Sullivan in the scandal. He has pleaded not guilty.

WorldCom is searching for a replacement for John Sidgmore, who took over when WorldCom founder and former CEO Bernard Ebbers quit under pressure in April. Rayburn said WorldCom will hire a firm to find a new top executive within the next several days.

[Topfenpalatschinke]

WorldCom benennt neuen CFO und stellt Restrukturierung vor

Montag, 14. April 2003 09:58

Der US-Telekommunikationskonzern WorldCom Inc. gab nähere Details zur Reorganisation bekannt. Des Weiteren benannte das Unternehmen seinen neuen CFO.

WorldCom kam im vergangenen Jahr im Zuge der Bilanzskandale unter die Räder. Um wieder Vorwärts blicken zu können, will man nun den Namen in MCI umändern. Derzeit firmiert der Bereich mit den Ferngesprächen unter diesem Namen. Zudem will man mit dem Firmensitz von Virginia nach Mississippi umziehen.
Neuer CFO wird der 61 Jahre alte Robert Blakely, der ähnliche Posten bei anderen Firmen bereits innehatte.

Der Reorganisationsplan besitzt momentan die Unterstützung von rund 90 Prozent der WorldCom-Gläubiger, muss jedoch erst noch vom zuständigen Konkursgericht genehmigt werden.

Konkret sieht der Plan vor, dass die Inhaber von WorldCom-Anleihen für jeden Dollar, den sie bezahlt haben, 36 Cents erhalten werden. Insgesamt sind Anleihen im Wert von 26 Mrd. Dollar im Umlauf. Den Gläubigern von MCI ergeht es ein wenig besser. Sie erhalten für jeden investierten Dollar immerhin noch 80 Cents zurück.
Aktienbesitzer gehen bei diesem Plan leer aus.
Die Aktien von WorldCom verloren am Freitag im Handelsverlauf 2,88 Prozent auf knapp 0,14 Dollar.

[SatanischeFerse]

Ist eigentlich absehbar wielange es bis zur endgültigen
Absegnung des Plans und zur Auszahlung dauern wird ?

[Topfenpalatschinke]

Ich kann es mir nur so erklären:

1) Die Anleihen werden von Nennwert 100% auf Nennwert 36% umgeschrieben.

2) Die Anleihe 649935 ist seit Juli 2002 vom Handel in Frankfurt ausgesetzt und wird es voraussichtlich noch bleiben, bis MCI das CH-11-Verfahren im September verläßt.

3) Die Anleiheinhaber sollten eigentlich auch neue Aktien zugeteilt bekommen.

[sparkie]

Subject to final approval by the US Bankruptcy Court in New York, senior bondholders could get either 35.9 cents on the dollar in new notes or 14.36 shares of stock in the reorganized company for each $1,000 in face value of debt they own. Current common stock owners will be wiped out.

Also sieht es wohl so aus:
Entweder rund 36% in Anleihen behalten oder Aktien nehmen.

Die Reduktion der Schuldenlast um 90% bei 36 bzw 80 % Quote für die neuen Bonds lässt wohl nur durch die neuen Aktien erklären.

Gruss
sparkie