Obbligazioni societarie Bonds Air Berlin Eur/Chf DE000AB100B4 XS1051719786 XS1051723895 (1 Viewer)

gionmorg

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Dear bondholders,

please find attached a German language press release regarding the ETERNA bond 2017/22 (WKN: A2E4XE / ISIN: DE000A2E4XE4) for information purposes.

If you are not a creditor of this bond, please disregard this email.

If you have any questions, please contact us directly at [email protected].


Mit freundlichen Grüßen / Kind regards,

One Square
-Team ETERNA-
München Frankfurt Düsseldorf London
Fax: +49(0)89 159898 22
[email protected]
www.onesquareadvisors.com
 

Fabrib

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(Bloomberg) -- A group of creditors that bought Etihad Airways PJSC-linked bonds are preparing to auction $463 million of claims against insolvent airlines Alitalia and Air Berlin to recover some of their investment.
The trustee of bonds issued by EA Partners I and II -- two special purpose entities set up by the Abu Dhabi-based carrier -- hired Barclays Bank Plc to arrange the sale, according to a statement. Potential buyers will be able to access documentation on June 21 and the auction will take place within two weeks, it said.
Etihad sold $1.2 billion of bonds between 2015 and 2016 with the help of financier Lars Windhorst and Goldman Sachs Group Inc. to prop up loss-making airlines in which it owned stakes. The notes ended up in restructuring after Etihad changed its strategy and pulled the plug on its support for the airlines.
Air Berlin, Alitalia and India’s Jet Airways have since filed for insolvency, while creditors have so far failed to reach an agreement over Air Seychelles’s debt with the local government.
Investors in EA Partners I received just 43% of their money when the notes came due last year. The EA Partners II’s bondholders also received just a portion of the money owed when the notes matured earlier this month.
Bondholders including BlueBay Asset Management, Sandglass Capital Advisors, Sancta Capital and VR Global Partners have been unable to bring Etihad to the negotiating table over the last two years, as the carrier doesn’t recognize the debt as its own.
 
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angy2008

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(Bloomberg) -- A group of creditors that bought Etihad Airways PJSC-linked bonds are preparing to auction $463 million of claims against insolvent airlines Alitalia and Air Berlin to recover some of their investment.
The trustee of bonds issued by EA Partners I and II -- two special purpose entities set up by the Abu Dhabi-based carrier -- hired Barclays Bank Plc to arrange the sale, according to a statement. Potential buyers will be able to access documentation on June 21 and the auction will take place within two weeks, it said.
Etihad sold $1.2 billion of bonds between 2015 and 2016 with the help of financier Lars Windhorst and Goldman Sachs Group Inc. to prop up loss-making airlines in which it owned stakes. The notes ended up in restructuring after Etihad changed its strategy and pulled the plug on its support for the airlines.
Air Berlin, Alitalia and India’s Jet Airways have since filed for insolvency, while creditors have so far failed to reach an agreement over Air Seychelles’s debt with the local government.
Investors in EA Partners I received just 43% of their money when the notes came due last year. The EA Partners II’s bondholders also received just a portion of the money owed when the notes matured earlier this month.
Bondholders including BlueBay Asset Management, Sandglass Capital Advisors, Sancta Capital and VR Global Partners have been unable to bring Etihad to the negotiating table over the last two years, as the carrier doesn’t recognize the debt as its own.
non c'era già la causa intentata dal curatore del fallimento Air Berlin contro Etihad? bisogna capire se agendo con questo gruppo si hanno migliori possibilità di recupero ed eventualmente parteciparvi se accolgono adepti
 

Cat XL

Shizuka Minamoto
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non c'era già la causa intentata dal curatore del fallimento Air Berlin contro Etihad? bisogna capire se agendo con questo gruppo si hanno migliori possibilità di recupero ed eventualmente parteciparvi se accolgono adepti
Questa è una roba diversa. Si tratta degli obbligazionisti di EA Partners I BV e EA Partners II BV.

Tra parentesi iniziativa effimera. Chi mai comprera' questa roba? Deal strutturato male anche dal punto di vista legale.
 
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Piero07

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Buon giorno a tutti i compagni di sventura.
Vi informo che ho richiesto il rapporto aggiornato sulla situazione e che mi è stato inviato un file di 9 pagine in tedesco che tralascio in quanto nella mail di accompagnamento fortunatamente sono state riassunte in inglese le cose essenziali che riporto integralmente:

Thank you for sending through the deposit account statement. Please find attached the status report of Air Berlin (in German language only). Please find below a summary of the report:

Assets: The insolvency assets are € 10,923,270.18 as of 31 May 2021.

Intercompany claims: The evaluation of the accounting documents for the determination of the intercompany claims is largely completed.

Tax claims: As for now, no tax refund claims could be collected. However, the debtor likely has considerable claims against the tax authorities.

Luftfahrtgesellschaft Walter mbH: The appointed special insolvency administrator has declared to contest the partial purchase price amount collected by KfW. KfW has paid out the amount to the proceedings account on 4 November 2020 after completed repayment of the collateralised loan.

Liability claims against shareholders: Due to Brexit, Clearstream Banking AG, as the holder of the registered shares of Air Berlin PLC, may now be considered a personally liable shareholder of Air Berlin PLC under German corporate law. The resulting liability action seeks payment of approximately € 497.8 million and a declaration that Clearstream Banking AG is liable for further liabilities of Air Berlin PLC.

Claims against Etihad P.J.S.C.:
Following a structured process, Vannin Capital was selected as litigation financier and a financing agreement was reached. The pre-financing enables the administrator to pursue claims against Etihad P.J.S.C. under the comfort letter and claw-back claims.

The lawsuit against Etihad was filed with the Berlin Regional Court; Etihad P.J.S.C. has in return filed a declaratory action before the High Court of the United Kingdom with the aim of taking the case to the High Court in London. In parallel, Etihad P.J.S.C. petitioned the Berlin Regional Court to suspend the proceedings pending a decision by the High Court.

The High Court confirmed its jurisdiction for the negative declaratory action by judgment of 18 November 2019 and allowed an appeal. With judgement of 18 December 2020, the Court of Appeal confirmed the High Court's jurisdiction and did not allow an appeal to the Supreme Court. A permission to appeal to the Supreme Court has been filed. No decision has yet been made by the Supreme Court.

With its decision from 13 May 2020, the Berlin Regional Court suspended the proceedings pending a decision by the High Court. Upon a respective appeal, the Federal Supreme Court confirmed the suspension on 15 June 2021.

As a shareholder, Etihad Airways P.J.S.C. has received interest payments on loans granted to the debtor and guarantee fees for third-party loans granted to the debtor within the last year before filing for insolvency. A claw-back action is pending before the Berlin Regional Court. After an oral hearing, the Regional Court issued an evidentiary ruling on 4 April 2021 and commissioned an expert. The further progress of the legal dispute remains to be seen.

Recovery: At this point in time, the insolvency administrator cannot make any statements about possible recovery and will refrain from distributing any down payment.

Please note that the report may contain information whose use and/or disclosure may be regulated and/or restricted as MNPI within the meaning of Art. 14 of the regulation (EU) no. 596/2014 on market abuse (market abuse regulation) or other applicable laws. KEOS will not assess whether or not the report in fact contains any such information or sweep the report from (potential) such information. As soon as the insolvency administrator gives a further update for the creditors, KEOS will inform registered bondholders.

Please do not hesitate to contact us if you have any further questions.
Mit freundlichen Grüßen / Kind regards,
KEOS GbR
Theatinerstr. 36
80333 München
Fax +49 89 15 98 98 22
E-Mail [email protected]
Web
www.onesquareadvisors.com
 

angy2008

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ringrazio per la condivisione. Apprendo con piacere che Clearstream viene considerata responsabile, non ho ben capito i motivi ma se verranno chiamati a pagare é buona cosa. Etihad già era coinvolta e speriamo che paghi pure lei. Noi aspettiamo sulla riva del fiume con tanta pazienza.
 

sandrino

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ringrazio per la condivisione. Apprendo con piacere che Clearstream viene considerata responsabile, non ho ben capito i motivi ma se verranno chiamati a pagare é buona cosa. Etihad già era coinvolta e speriamo che paghi pure lei. Noi aspettiamo sulla riva del fiume con tanta pazienza.
la questione di clearstream è legata ad un cavillo formale normativo collegato alla brexit, da un punto di vista sostanziale appare pittoresco.

A mio modesto avviso se proprio si deve battagliare legalmente mi rifarei su etihad.
 

ecris

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Buongiorno a tutti,

a vostro avviso abbiamo ancora qualche speranza di recuperare qualcosa come detentori dei bond DE000AB100B4? Qualche novita' in arrivo? Grazie...
 

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