Maxeda - comment

We are lifting first offers this morning at 80c/€, five points above the best offer we are seeing - there will be a little squeeze today. Even so, the position has done well. The company published the outlines of its restructuring today. Creditors will receive around 75c/€ in debt + Equity, and where they sign up within the early bird deadline, they will receive 77.5%, part in cash, part in new bonds. The cash comes mostly from Goldentree, which for some reason have decided to defend their position with a fresh €50m. So overall, recovery is right on target, and the bonds trade at recovery, with 41% of the equity travelling for 2.5 cents.