Hints and tips:
...A New York hedge fund has accused Swedish property giant Samhällsbyggnadsbolaget i Norden of defaulting on its debt, a move that threatens to drag the struggling company into a messy legal fight....
...Swedish property group Samhällsbyggnadsbolaget (SBB) has too much debt and too little time....
...Claims that US distressed debt investors think the company has breached covenants did little to dent the rally. The company is emblematic of a deflating price bubble in Swedish residential property....
...The company received a legal threat from a US hedge fund this month, alleging that the embattled landlord had breached a bond covenant that will trigger default on June 29....
...Swedish landlord SBB cut a deal with Brookfield to raise funds and is facing angry bondholders demanding their money back....
...Samhällsbyggnadsbolaget i Norden, the Swedish property company commonly referred to as SBB, has published second-quarter results twice....
...Swedish banks — all of them — because of property exposure. Electrolux, which at 5.1 times net debt to ebitda has one of the highest leverage ratios in the industrials sector....
...As courts struggle to keep up with their cunning legal tactics, however, the “good faith” covenant could be one way to contest controversial restructuring deals, writes DD’s Sujeet Indap....
...The use of “covenant-lite” structures — which strip out many of the usual protections for investors — has surged....
...Swedish financial services company Storebrand and UK commodities group Glencore have both pushed back their AGMs, without setting dates....
...(FT) Tiffany dents LVMH hopes to recut $16.5bn deal Tiffany has reached an agreement with lenders to amend its debt covenants, further complicating the ability of luxury conglomerate LVMH to renegotiate...
...Any delay is probably good news for Swedish Match and Altria, Juul’s backer, but bad for everyone else, says Jefferies....
...In January, Swedish private equity firm EQT said it was considering offloading its €3.9bn credit arm to focus on its core business....
...The Swedish residential property company was founded in 2016 by Mr Batljan, who was once a politician....
...But inside, the look is more Swedish showroom: pale wood, muted lights and a clean, empty space. Everyday possessions are nowhere to be seen....
...This provision is provided by the IFC in co-operation with the Swedish International Development Cooperation Agency....
...With a possible criminal investigation ahead, Aegean may break covenants on convertible debt notes due November 2018 and December 2019 and may see a contraction of credit from suppliers, said the broker....
...Hellman & Friedman’s attempt to strip a €1bn dividend out of a Swedish security alarms business is proving a test case of just how far private equity firms can push debt investors, as it asks bondholders...
...An investor on the bondholder call told Lebara’s management that they would breach the bond’s covenants if they did not file financials for the overall group....
...“The sponsor will receive its €1bn dividend and holders of the private senior notes will receive €28m in pre-payment premium,” said Scott Josefsberg an analyst from Covenant Review....
...And Mothercare announced that it had won a deferral from its lenders of financial covenant tests....
...It also set its dividend for the fiscal year ending 2019 at 2p per share, compared with a consensus of 6.7p, due in part to debt covenants limiting the payout....
...Details and RSVP here High-yield rollercoaster What is the fair price to substantially change covenants on a high-yield bond?...
...Banks, for example, can remove control from companies if covenants in loans are breached. Some contracts are particularly difficult to specify, such as in the provision of public services....
...It bought an 11.9 per cent holding in the Swedish company, which is Statoil’s first big deal since oil prices started sliding 18 months ago....
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